CAE reports first quarter fiscal 2023 results

  • Revenue of $933.3 million vs. $752.7 million in prior year
  • Earnings per share (EPS) of $0.01 vs. $0.16 in prior year
  • Adjusted EPS(1) of $0.06 vs. $0.19 ($0.15 ex. COVID-19 government support programs(2)) in prior year
  • Operating income of $39.4 million vs. $86.2 million in prior year
  • Adjusted segment operating income(3) of $60.9 million vs. $98.4 million ($84.8 million ex. COVID-19 government support programs(4)) in prior year
  • Orders(5) of $1,049.1 million for a record $10.0 billion backlog(5) and 1.12x book-to-sales ratio(5)
  • Recorded $28.9 million (non-cash) in unfavourable U.S. Defense contract profit adjustments
  • Revised annual growth outlook to mid-20% (vs. mid-30%) consolidated adjusted segment operating income growth; three-year (FY23-FY25) EPS compound growth rate target maintained at mid-20%

Montreal, Canada, August 10, 2022 – (NYSE: CAE; TSX: CAE)

CAE today reported revenue of $933.3 million for the first quarter of fiscal 2023, compared with $752.7 million in the first quarter last year. First quarter net income attributable to equity holders was $1.7 million ($0.01 per share) compared to $46.4 million ($0.16 per share) last year. Adjusted net income(6) in the first quarter of fiscal 2023 was $17.6 million ($0.06 per share) compared to $55.6 million ($0.19 per share) last year.

Operating income this quarter was $39.4 million (4.2% of revenue), compared to $86.2 million (11.5% of revenue) last year. First quarter adjusted segment operating income was $60.9 million (6.5% of revenue) compared to $98.4 million (13.1% of revenue) last year. Adjusted segment operating income excluding COVID-19 government support programs, of which there have been none since the first quarter of fiscal 2022, was also $60.9 million (6.5% of revenue) compared to $84.8 million (11.3% of revenue) last year. Adjusted segment operating income this quarter includes $28.9 million in unfavourable contract profit adjustments in Defense, involving two programs in the U.S. All financial information is in Canadian dollars unless otherwise indicated.

Summary of consolidated results

(amounts in millions, except per share amounts)Q1-2023Q1-2022Variance %
Revenue$ 933.3$ 752.724%
Operating income$ 39.4$ 86.2(54%)
Adjusted segment operating income (SOI)$ 60.9$ 98.4(38%)
As a % of revenue% 6.5% 13.1 
Adjusted SOI excluding COVID-19 government support programs$ 60.9$ 84.8(28%)
As a % of revenue% 6.5% 11.3 
Net income$ 3.7$ 47.3(92%)
Net income attributable to equity holders of the Company$ 1.7$ 46.4(96%)
Basic and diluted earnings per share (EPS)$ 0.01$ 0.16(94%)
Adjusted net income$ 17.6$ 55.6(68%)
Adjusted EPS$ 0.06$ 0.19(68%)
Adjusted net income excluding COVID-19 government support programs (7)$ 17.6$ 45.6(61%)
Adjusted EPS excluding COVID-19 government support programs$ 0.06$ 0.15(60%)
Order intake$ 1,049.1$ 521.5101%
Total backlog$ 10,025.6$ 7,934.126%

“We had a mixed performance in the first quarter, with Civil delivering results in line with our view for strong annual growth, while Defense came in well short of our expectations, as a result of discrete program charges and near-term headwinds in this early stage of its multi-year growth journey,” said Marc Parent, CAE’s President and Chief Executive Officer. “Despite a challenging global environment, we secured over $1 billion in total orders for a record $10 billion backlog and 1.12 times book-to-sales ratio. In Civil, we booked $522 million in orders for a 1.09 times book-to-sales ratio, including long-term training agreements with airlines and business aircraft operators, and 11 full-flight simulator sales. In Defense, we booked orders for training and mission support solutions valued at $488 million for 1.18 times book-to-sales. And in Healthcare, we continued to drive double-digit revenue growth with our innovative solutions and capable team.”

On CAE’s revised outlook, Parent added, “we are lowering our outlook for the current fiscal year to mid-twenty percent consolidated adjusted segment operating income growth to account for the two U.S. program charges already incurred in Defense, and to reflect the more acute, sector-wide headwinds we are now experiencing, namely supply chain pressures, labour shortages, and a slower defence contracting environment. We previously indicated our expectation of a back-half-weighted performance in Defense this fiscal year, as we manage through the effects of a protracted period of less than one book-to-sales and begin to ramp up new orders in the second half. The additional Defense headwinds have made this weighting more pronounced, and we expect them to gradually abate through the course of the fiscal year. In our Civil business, we expect continued strong growth, driven largely by the cyclical aviation recovery underway and elevated demand for pilot training in commercial and business jet segments, as evidenced by robust full-flight simulator sales and the exclusive long-term training agreements we have secured in recent quarters with virtually all major airlines in the Americas. I believe our success there provides a compelling blueprint for what a broader global market recovery holds for CAE, and we are poised to continue growing market share from an expanded pipeline of Civil training opportunities. For CAE overall, order intake remains a key leading indicator of our progress along the path to becoming a larger, more resilient, and more profitable company. We greatly enhanced our position and expanded our addressable market over the last couple of years, and I have complete confidence in our team’s ability to maintain a strong order momentum and drive superior and sustainable growth and profits over the long-term. Broadly speaking, the underlying trendlines of our multi-year progress are very much intact, and my conviction in CAE’s long-term growth outlook is resolute. We continue to target a three-year EPS compound growth rate in the mid-twenty percent range.”

Civil Aviation (Civil)

First quarter Civil revenue was $480.4 million vs. $432.9 million in the first quarter last year. Operating income was $75.4 million compared to $59.0 million in the same quarter last year. Adjusted segment operating income was $86.6 million (18.0% of revenue) compared to $69.7 million (16.1% of revenue) in the first quarter last year. Adjusted segment operating income excluding COVID-19 government support programs, of which there was none this quarter, was also $86.6 million (18.0% of revenue) compared to $64.5 million (14.9% of revenue) in the same quarter last year. During the quarter, Civil delivered ten full-flight simulators (FFSs)(8) to customers and first quarter Civil training centre utilization(9) was 71%.

During the quarter, Civil signed training solutions contracts valued at $521.5 million, including contracts for 11 FFSs sales. Notable training contracts for the quarter include several exclusive training agreements in the Americas, adding to the exclusive training agreements Civil now holds with most major airlines in the region. They include a three-year extension to a long-term exclusive commercial aviation training agreement with Mesa Airlines, a five-year exclusive training agreement with United Airlines, a five-year exclusive training agreement with JetBlue, and a ten-year exclusive training agreement with another major North American airline. In the U.K., Civil expanded its existing 12-year exclusive commercial aviation training agreement with Virgin Atlantic to include the Boeing 787 platform, now covering all their existing aircraft platforms under the training exclusivity.  In business aviation, Civil signed a three-year training agreement with Tag Aviation Holdings, and a three-year agreement with the NATO Support and Procurement Agency.  

The Civil book-to-sales ratio was 1.09x for the quarter and 1.32x for the last 12 months. The Civil backlog at the end of the quarter was $5.0 billion.

Summary of Civil Aviation results

(amounts in millions, except SEU, FFSs)Q1-2023Q1-2022Variance %
Revenue$ 480.4$ 432.911%
Operating income$ 75.4$ 59.028%
Adjusted segment operating income (SOI)$ 86.6$ 69.724%
As a % of revenue% 18.0% 16.1 
Adjusted SOI excluding COVID-19 government support programs$ 86.6$ 64.534%
As a % of revenue% 18.0% 14.9 
Order intake$ 521.5$ 338.154%
Total backlog$ 4,993.2$ 4,200.419%
Simulator equivalent unit (SEU)(10) 2502433%
FFSs in CAE’s network (8)318319—%
FFS deliveries1011(9%)
Utilization rate% 71% 5627%
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Boeing, CAE sign MOU to enhance global aerospace training, innovation and fleet support

Farnborough, July 19, 2022 – Boeing [NYSE: BA] and CAE [NYSE: CAE; TSX: CAE]

CAE today signed a Memorandum of Understanding (MOU) to expand their collaboration and explore further teaming opportunities in defense aerospace training. The memorandum leverages the strengths, skills, and advanced technologies of Boeing and CAE with the intent to further enhance innovation and competition through potential joint-offerings.

Additionally, the MOU aims to advance mission readiness for defense customers worldwide operating Boeing military aircraft. Working together, Boeing and CAE are uniquely qualified to deliver outcome-based pilot training, aircrew ground school, in-service support, and instructor training at the point of need.

“Boeing and CAE share an unwavering commitment to deliver value through innovative training solutions that provide increased efficacy and reliability to our defense and commercial services customers,” said Stephanie Pope, president and CEO, Boeing Global Services. “This collaboration demonstrates the best of how governments and industry can collaborate to benefit customers worldwide.”

This collaboration amplifies a long-standing relationship spanning commercial and defense portfolios across the globe. CAE is an integral partner on the CH-47 Chinook program in Germany, has supported Boeing extensively with P-8 training solutions worldwide, and is a charter member of Team Poseidon in Boeing’s Canadian Multi-Mission Aircraft offering. This MOU builds on the recent exclusive teaming agreement in Germany for Chinook, and continues our joint efforts to deliver enhanced training offerings for Chinook in the United Arab Emirates that support Emiratization efforts, as well as expanding P-8 solutions in Canada, Germany, and Norway.

“Our purpose is to prepare our military customers for safe and successful mission outcomes through advanced training and mission readiness,” says Daniel Gelston, president, CAE Defense & Security. “CAE and Boeing are leveraging our global training experience and aircraft expertise to expand solutions that support modernization and adaptability for the future of these platforms.”

The MOU expands Boeing and CAE international teaming and supplier networks to provide solutions that support both customer and regional development.

About Boeing

As a leading global aerospace company, Boeing develops, manufactures and services commercial airplanes, defense products and space systems for customers in more than 150 countries. As a top U.S. exporter, the company leverages the talents of a global supplier base to advance economic opportunity, sustainability and community impact. Boeing’s diverse team is committed to innovating for the future and living the company’s core values of safety, quality and integrity. Learn more at www.boeing.com.

About CAE

CAE Defense & Security is at the leading edge of digital innovation providing training and mission support solutions across multi-domain operations – air, land, maritime, space and cyber.  Our training and operational support solutions prepare customers who operate in complex, high-stakes environments where mission readiness and successful outcomes are critical.  CAE is the world’s leading pure play, platform agnostic training and simulation company serving the global defense market. Learn more at www.cae.com.

At CAE, we equip people in critical roles with the expertise and solutions to create a safer world. As a technology company, we digitalize the physical world, deploying simulation training and critical operations support solutions. Above all else, we empower pilots, airlines, defence and security forces, and healthcare practitioners to perform at their best every day and when the stakes are the highest. Around the globe, we’re everywhere customers need us to be with more than 13,000 employees in more than 200 sites and training locations in over 40 countries. CAE represents 75 years of industry firsts—the highest-fidelity flight and mission simulators, surgical manikins, and personalized training programs powered by artificial intelligence. We’re investing our time and resources into building the next generation of cutting-edge, digitally immersive training and critical operations solutions while keeping positive environmental, social and governance (ESG) impact at the core of our mission. Today and tomorrow, we’ll make sure our customers are ready for the moments that matter.

CAE launches Electric Aircraft Modification Program with Piper Aircraft Inc.

  • CAE advancing green aviation technology with development of an electric conversion kit for Piper Archer® aircraft
  • CAE and Piper to work on development and commercialization of the technology
  • Two-thirds of CAE’s Archer® fleet to be electrified
  • H55 to provide the aircraft battery system
  • SAFRAN to supply ENGINeUSTM 100 electric smart motor

Farnborough, United Kingdom, July 19, 2022 (NYSE: CAE; TSX: CAE)

From left to right: Ron Gunnarson, Vice President of Sales, Marketing and Customer Support at Piper Aircraft, Pierre Fitzgibbon, Minister of Economy and Innovation of Quebec, Marc Parent, President and CEO of CAE, Hon. Francois-Philippe Champagne, Minister of Innovation, Science and Industry of Canada, Helene V. Gagnon, Chief Sustainability Officer and Senior Vice President, Stakeholder Engagement at CAE, and Gregory Blatt, H55 Co-Founder, Chief of Sales, Marketing and Business Development

CAE’s electrified Piper Archer® training aircraft

CAE announced today at the Farnborough International Air Show 2022 that it has partnered with Piper Aircraft to develop a conversion kit via a Supplemental Type Certificate (STC) for in-service Piper Archer® (PA-28-181) aircraft and bring an electric variant option of the iconic aircraft to market.

CAE expects to convert two-thirds of its Piper Archer® training fleet and develop a curriculum for new pilots to train on the operation of electric aircraft. CAE is bringing together industry leaders from Canada, the United States, and Europe to develop an aircraft that will reduce carbon emissions and noise levels at its flight schools around the world, while training future pilots to operate electric aircraft.

CAE and Piper Aircraft intend to work together on an electrical conversion kit for third parties, along with training and support services required for the operation of electrified Piper Archer® aircraft.

Executives from CAE, Piper Aircraft, and project partners joined the Honourable François-Philippe Champagne, Canada’s Minister of Innovation, Science and Industry as well as Pierre Fitzgibbon, Quebec’s Minister of Economy and Innovation for the announcement.

“Piper Aircraft has been a longstanding trusted partner for CAE’s flight training operations, and we are very pleased to have them join us, along with other electric aviation leaders, in this leap forward for the sustainable future of aviation.” said Marc Parent, CAE’s President and CEO.

“The development of this technology is a first for CAE. As an engineering powerhouse and one of the largest Piper Archer® operators, CAE is uniquely positioned to make electric-powered flight a reality at our flight schools and beyond. CAE’s partnership with the Government of Canada and the Government of Quebec for investment into R&D has enabled us to boldly look to the future and prepare our electric aircraft for take-off,” added Parent.

“Piper Aircraft is excited to support CAE’s development of an electric aircraft modification conversion kit for the Piper Archer®”, said Piper Aircraft President and CEO, John Calcagno.  “With 28,000 aircraft in global service, the PA-28 is the ideal platform for real world flight training curriculums and professional pilot training programs like CAE’s.  Piper Aircraft is focused on aviation’s commitment to greenhouse gas reductions and as such, we look forward to collaborating with CAE on the integration of an electric propulsion system for the Piper Archer®.

H55 battery packs

H55 of Switzerland is set to provide the battery system. H55 is one of the leading aerospace battery and propulsion system suppliers with years of successful electric flight experience, including the technology used in all of the Solar Impulse airplanes. In addition to developing clean propulsion technologies, battery packs and energy management solutions for new airplanes, H55 is also active in transforming existing designs. The path to clean aviation, will only be accelerated by the fact that this project brings H55 together with a leading aerospace technology company and an experienced aircraft manufacturer.

Safran ENGINeUSTM  100 electric smart motor

CAE is also engaging with Safran Electrical & Power, to incorporate the new ENGINeUSTM 100 electric smart motor into the STC conversion kit. The ENGINeUSTM 100 delivers 150 kW maximum at take-off power and features a fully integrated motor controller within the machine. The thermal management is provided by an optimized air-cooling system. The new industry leading motor is aligned with CAE’s flight training operating requirements. Safran Electrical & Power is a global leader in aircraft electrical systems. The company has extensive capabilities, comprehensive portfolio and broad expertise to provide its customers with solutions for electric powertrains and equipment electrification.


Canada Quebec Aerospace Cluster

The development of the electric conversion kit is part of Project Resilience through which CAE is investing C$1 billion in innovation over five years in partnership with the Government of Canada and the Government of Quebec to develop aviation and cross-sectoral digital technologies of the future. CAE will draw on the expertise of Canada’s strong Aerospace cluster and will collaborate and co-develop technology solutions with OEMs, small and medium sized companies, post-secondary institutions, and research centers from across Quebec and Canada.

“Canada is leading the world when it comes to the innovation required for the low carbon economy. Thanks to our government’s recent support of CAE, not only will we see 700 new jobs in Canada, today’s announcement means we will see green and clean aircraft technologies that will be used all over the world,” said the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry.

“CAE understands that the aerospace industry needs to shift to reducing its environmental footprint through new technology. This is the type of project we intend to support so they can develop innovative solutions that will make air transportation more electric,” said Pierre Fitzgibbon, Minister of Economy and Innovation and Minister Responsible for Regional Economic Development.

CAE’s commitment to carbon neutrality

In 2020, CAE became the first Canadian aerospace company to be carbon neutral, compensating for its direct GHG emissions (scope 1), electricity indirect GHG emissions (scope 2) and emissions related to business travel by plane (partial scope 3) with a view to further reduce its overall carbon footprint.

When it enters service, the electric Piper Archer will reduce aviation fuel consumption – scope 1 emissions.

CAE is committed to being a sustainability leader through the development green aviation technology and existing corporate initiatives like the use of 100-percent renewable energy for electricity at its facilities around the world through the energy generated on site and the purchase of Renewable Energy Credits (RECs). Furthermore, CAE is actively developing solutions aligned with Canada’s newly implemented Clean Technology Key Industrial Capability.

Read more about CAE’s commitment to social responsibility in the FY22 Annual activity and corporate social responsibility report.

About CAE

At CAE, we equip people in critical roles with the expertise and solutions to create a safer world. As a technology company, we digitalize the physical world, deploying simulation training and critical operations support solutions. Above all else, we empower pilots, airlines, defence and security forces, and healthcare practitioners to perform at their best every day and when the stakes are the highest. Around the globe, we’re everywhere customers need us to be with more than 13,000 employees in more than 200 sites and training locations in over 40 countries. CAE represents 75 years of industry firsts—the highest-fidelity flight and mission simulators, surgical manikins, and personalized training programs powered by artificial intelligence. We’re investing our time and resources into building the next generation of cutting-edge, digitally immersive training and critical operations solutions while keeping positive environmental, social and governance (ESG) impact at the core of our mission. Today and tomorrow, we’ll make sure our customers are ready for the moments that matter.

Electric flight moves a step closer as Vertical Aerospace and CAE partner on pilot training

  • Vertical selects CAE as its worldwide training partner for its launch aircraft, the VX4.
  • Pilots to be trained on CAE’s next-generation flight simulators tailored to the VX4.
  • Vertical and CAE’s shared customer base eases integration of Advanced Air Mobility (AAM) training programs.
  • CAE strengthens Vertical’s commercial ecosystem that will deliver electric flight globally.

London, UK; New York, USA; Montreal, Canada– [19 July 2022]

Vertical Aerospace Deputy CEO Harry Holt (left) with CAE President and CEO Marc Parent (right).

Vertical Aerospace (Vertical) [NYSE: EVTL], a global aerospace and technology company that is pioneering zero-emissions aviation and CAE [NYSE: CAE, TSE: CAE], a market leader in flight simulation and training, today announced that CAE will be the pilot training partner for Vertical’s launch eVTOL aircraft, the VX4.

CAE will design and develop a world-class training program and be the exclusive training device provider, tailoring the high-fidelity, next-generation flight simulation training device for the VX4 aircraft. The innovative pilot training program will leverage advanced technologies including Mixed Reality and Artificial Intelligence to enhance the learning experience and will help shift the training paradigm toward cost-effectiveness and scalability, while ensuring safety is paramount for Vertical and its operators.

Advanced Air Mobility (AAM) is expected to drive unprecedented demand for qualified, professionally trained pilots for inner-city and regional electric flights. Additionally, because CAE currently provides training products and services to many of Vertical’s industry-leading customer base, a smoother integration of new AAM pilot training programmes into their training portfolios is anticipated.

Upon the signing of a definitive agreement, Vertical and CAE will start working together three years ahead of the VX4’s targeted entry into service in 2025, a critical step towards making safe eVTOL flights a reality.

Harry Holt, Deputy CEO of Vertical, said “Vertical has built its commercial ecosystem with customers, regulators, and infrastructure partners to enable AAM and ensure we have partnerships in place to introduce safer, cleaner and quieter mobility for everyone. Bringing CAE into our unrivalled ecosystem is a key enabler to solve the training requirement for our customers, as we prepare for the VX4’s entry into service.”

Nick Leontidis, CAE’s Group President, Civil Aviation, said “CAE’s longstanding training relationships with top-tier airlines and operators is a key differentiator for us as they expand into eVTOL operations with Vertical. They know they can count on CAE for advanced training as they venture into this new market. We are excited to join Vertical’s ecosystem and work hand in hand to build the aviation workforce of the future.”

This partnership announcement comes following Vertical’s recent announcement of progress in its certification process for the VX4, with the European Union Aviation Standards Agency (EASA) agreeing to concurrently validate the UK Civil Aviation Authority’s (CAA) certification of the VX4 and the adoption of SC-VTOL as the certification basis for the aircraft. Vertical expects to reach several critical certification milestones in the coming months, as the VX4’s test flight programme begins in Summer 2022.

About Vertical Aerospace

Vertical Aerospace is a leading British electric vertical takeoff and landing (“eVTOL”) manufacturer pioneering the transition to carbon free aviation, focused on designing, manufacturing and selling one of the world’s best zero operating emission eVTOL aircraft for use in the advanced air mobility (“AAM”) market, using the most cutting-edge technology from the aerospace, automotive and energy industries.

Since its inception in 2016, Vertical has focused on building one of the most experienced and senior teams in the eVTOL industry, who between them have decades of engineering experience and have certified and supported over 30 different civil and military aircraft and propulsion systems.

Vertical has a market-leading pre-order book by value for a total of more than1,400 aircraft from global customers creating multiple potential near term and actionable routes to market. These customers include American Airlines, Virgin Atlantic, Avolon, Bristow, Marubeni, Iberojet and FLYINGGROUP, as well as Japan Airlines (JAL), Gol, Air Greenland, Gozen Holding and AirAsia, through Avolon’s VX4 placements.

Vertical’s ordinary shares and warrants commenced trading on the NYSE in December 2021 under the tickers “EVTL” and “EVTLW,” respectively. Find out more: vertical-aerospace.com

About the VX4 eVTOL Aircraft

The piloted zero operating emissions four-passenger VX4, is projected to be capable of travelling distances over 100 miles, achieving top speeds of over 200mph, while producing minimal noise and has a low cost per passenger mile. The VX4 is expected to open up advanced air mobility to a whole new range of passengers and transform how we travel. Find out more: vertical-aerospace.com

Inspiring women to fly: CAE launches 2022 Women in Flight program with easyJet

FARNBOROUGH, UK, July 18, 2022 /CNW Telbec/ – (NYSE: CAE) (TSX: CAE)  – CAE announced today at the Farnborough International Airshow 2022 that it is relaunching its Women in Flight scholarship program and expanding its reach with airline partners to create a movement that encourages young women to pursue a career as a commercial pilot.

As a global partner, easyJet has once again pledged its support for Women in Flight as the first airline to sign on for the 2022 program. easyJet will provide one European candidate access to their first employment opportunity and CAE will fund pilot training for the successful candidate. 

“The Women in Flight program demonstrates to young women that being a pilot is achievable and a wonderful profession,” said Nick Leontidis, CAE’s Group President, Civil Aviation. “Six women have already benefitted from the Women in Flight program since it was inaugurated in 2018, and with easyJet’s continued support, the dreams of aspiring female pilots are one step closer to becoming reality.”

“easyJet has long championed greater diversity across our business and the industry and we will continue to focus on challenging gendered stereotypes. Having doubled the number of female pilots flying with us in recent years, we are proud to have made progress, but we know there is still work to do. That’s why we are delighted to be part of CAE’s Women in Flight Scholarship once again,” said easyJet’s Chief Operating Officer David Morgan.

“We’re pleased to see our first Women in Flight recipient, Georgina Thomas-Watson, currently completing her line training with us and look forward to another future easyJet pilot follow in her footsteps in 2022.”

Currently, women make up only five percent of professional pilots and cadets in training worldwide. CAE is committed to the advancement of women in aviation to broaden the civil aviation talent pool. With the current pilot shortage and 260,000 new pilots needed over the next 10 years, the industry must take concrete action to attract more women to aviation.

To generate real change, the Women in Flight program will build a network of ambassadors, including Women in Flight recipients to share their stories and experiences with other women at events, within their communities, and on social media. The program will also create and share content about being a pilot that will allow the community to grow and reach girls who will one day fly aircraft.

ABOUT CAE’S WOMEN IN FLIGHT PROGRAM

CAE’s Women in Flight scholarship program is a competitive program that is helping create a movement to encourage young girls and women to dream big and have no limits. With only five percent of female pilots worldwide, this program is geared to show women that they too can reach for the sky. The program helps recipients dream big as they receive a scholarship to the CAE cadet training program.

Since 2018, six women around the world have benefitted from the program. Eligible female candidates who meet the requirements of the Destination 225° program can submit their CAE Women in Flight scholarship application via CAE’s website at cae.com/womeninflight.

ABOUT EASYJET

easyJet is Europe’s leading airline offering a unique and winning combination of the best route network connecting Europe’s primary airports, with great value fares and friendly service. Innovation is in easyJet’s DNA – since launching over 25 years ago, easyJet changed the way people fly to the present day where the airline leads the industry in digital, web, engineering and operational innovations to make travel more easy and affordable for its passengers.

The airline takes sustainability seriously and is committed to reaching net-zero carbon emissions flying by 2050. Together with its partners, including Airbus, Rolls-Royce, Cranfield Aerospace Solutions and Wright Electric, easyJet is working to accelerate the development of zero carbon emission aircraft technology. In the meantime, the airline is offsetting the carbon emissions from the fuel used for all its flights, at no additional cost to its customers, and only supports projects that are certified by Gold Standard or the Verified Carbon Standard, internationally recognised certification schemes. In addition, easyJet continues to renew its fleet, operate efficiently, and aims to fill most of its seats. Since 2000, over a 20-year period, the airline reduced its carbon emissions per passenger, per kilometre by over one-third, and aims to bring this down further.

About CAE

At CAE, we equip people in critical roles with the expertise and solutions to create a safer world. As a technology company, we digitalize the physical world, deploying simulation training and critical operations support solutions. Above all else, we empower pilots, airlines, defence and security forces, and healthcare practitioners to perform at their best every day and when the stakes are the highest. Around the globe, we’re everywhere customers need us to be with more than 13,000 employees in more than 200 sites and training locations in over 40 countries. CAE represents 75 years of industry firsts—the highest-fidelity flight and mission simulators, surgical manikins, and personalized training programs powered by artificial intelligence. We’re investing our time and resources into building the next generation of cutting-edge, digitally immersive training and critical operations solutions while keeping positive environmental, social and governance (ESG) impact at the core of our mission. Today and tomorrow, we’ll make sure our customers are ready for the moments that matter.

CAE’s CEO Marc Parent named a Knight of the distinguished Ordre national du Québec and inducted into Québec’s Air and Space Hall of Fame

24 June 2022

On June 22, CAE President and Chief Executive Officer Marc Parent was named a Knight of the distinguished Ordre national du Québec, the highest honour bestowed by the Québec government, presented by Premier François Legault. Mr. Parent was also recently inducted into Québec’s Air and Space Hall of Fame.

“It is truly an honour to be appointed to the Ordre national du Québec and join the ranks of pioneers who have been recognized for their significant contributions to Québec’s economy and growth,” said Mr. Parent.

Marc Parent (right), CAE’s president and CEO, is named a Knight of the Ordre national du Québec by Québec Premier François Legault (left). CAE Photo

Since joining CAE in 2005, Mr. Parent has led CAE’s growth beyond creating simulation products to providing solutions, services and technologies that enhance human performance in high-stakes industries while always looking for innovative ways to give back to Québec.

Over the last two years, Mr. Parent’s advocacy and leadership helped CAE strengthen its business strategy and secure its future despite the challenges of the COVID-19 pandemic.  With nine acquisitions since March 2020, CAE has also significantly increased its capabilities and expanded its offering, ushering in the next generation of technology.

Committed to building technology to accelerate the development and safe adoption of world-changing innovations, Mr. Parent contributed to making CAE the first Canadian aerospace company to become carbon-neutral in 2020.

Recognized for his commitment to the community and an unparalleled passion for making the world a safer place, Mr. Parent launched a movement in Québec to accelerate vaccinations against COVID-19, which led to nearly 400,000 doses being administered in 27 centres to companies across Québec. Also under Mr. Parent’s leadership, CAE employees designed and created the CAE Air1 critical care respirator.

For his extraordinary vision, ambition and leadership, Mr. Parent has also been recently inducted into Québec’s Air and Space Hall of Fame, a non-profit organization that recognizes the outstanding contributions and accomplishments in aviation from individuals from Québec.

Over the years, Mr. Parent has been honoured with numerous other awards, including the Order of Canada (2020), Canada’s Aviation Hall of Fame (2021) and being named Industry Leader of the Year by the Living Legends of Aviation (2022).

This press release was prepared and distributed by CAE

CAE reports fourth quarter and full fiscal year 2022 results

Q4 FY2022 

  • Revenue of $955.0 million vs. $894.3 million in Q4 last year, up 7% year-over-year (up 25% ex. revenue from ventilators) 
  • Earnings per share (EPS) of $0.17 vs. $0.07 in Q4 last year 
  • Adjusted EPS(1) of $0.29 vs. $0.22 in Q4 last year ($0.12 ex. COVID-19 government support programs(2))  
  • Operating income(3) of $93.3 million vs. $47.6 million in Q4 last year 
  • Adjusted segment operating income(4) of $142.7 million vs. $106.2 million in Q4 last year ($69.0 million ex. COVID-19 government support programs(5))  
  • Free cash flow(6) of $187.6 million vs. $170.6 million in Q4 last year 
  • Orders of $1.3 billion for 1.38x book-to-sales 

Annual FY2022 

  • Revenue of $3.4 billion vs. $3.0 billion last year, up 13% year-over-year (up 23% ex. revenue from ventilators) 
  • Diluted EPS of $0.45 vs. negative $0.17 last year 
  • Adjusted EPS of $0.84 ($0.80 ex. COVID-19 government support programs) vs. $0.47 last year ($0.12 ex. COVID-19 government support programs) 
  • Operating income of $284.2 million vs. $48.4 million last year 
  • Adjusted segment operating income of $444.5 million ($430.9 million ex. COVID-19 government support programs) vs. $280.6 million last year ($153.2 million ex. COVID-19 government support programs) 
  • Free cash flow of $341.5 million for 131% cash conversion(6) 
  • Record orders of $4.1 billion for record $9.6 billion backlog and 1.21x book-to-sales 

Montreal, Canada, May 31, 2022 – (NYSE: CAE; TSX: CAE)

CAE today reported fourth quarter fiscal 2022 revenue of $955.0 million, compared with $894.3 million last year. Revenue was 25% higher this quarter, excluding $130.0 million of revenue in the fourth quarter last year from a contract to provide the Canadian government with ventilators as part of CAE’s COVID-19 humanitarian initiatives. Fourth quarter net income attributable to equity holders was $55.1 million ($0.17 per share) compared to $19.8 million ($0.07 per share) last year. Adjusted net income in the fourth quarter was $92.0 million ($0.29 per share), compared to $63.2 million ($0.22 per share) last year. Adjusted net income excluding COVID-19 government support programs, of which there was none this quarter, was also $92.0 million ($0.29 per share) this quarter compared to $35.9 million ($0.12 per share) last year. 

Annual fiscal 2022 revenue was $3.4 billion, compared to $3.0 billion last year. Revenue was 23% higher this year, excluding $230.6 million of revenue last year from the ventilator contract. Annual operating income was $284.2 million and adjusted segment operating income was $444.5 million compared to $280.6 million last year. Adjusted segment operating income excluding COVID-19 government support programs was $430.9 million this year compared to $153.2 million last year. Annual net income attributable to equity holders was $141.7 million ($0.45 per share) compared to a net loss of $47.2 million (negative $0.17 per share) in fiscal 2021. Adjusted net income(7) was $261.5 million ($0.84 per share) this year, compared to $127.1 million ($0.47 per share) last year. Adjusted net income excluding COVID-19 government support programs(8) was $251.5 million ($0.80 per share) this year compared to $33.6 million ($0.12 per share) last year. All financial information is in Canadian dollars. 

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CAE expands Toronto training center with new Boeing full-flight simulators

Montreal, Canada, May 3, 2022

CAE announced today at the 2022 World Aviation Training Summit (WATS), the expansion of the CAE Toronto Training Center for the deployments of a CAE 7000XR Boeing 787 and a CAE 7000XR Boeing 737 MAX full-flight simulators (FFS) to support its Canadian customers.

CAE is expanding its training center as Canadian airlines are expressing optimism that air travel will normalize in 2022, and as airlines around the world are preparing for business and international travel to return to pre-COVID levels in the following years.

“We are excited to expand our training footprint in Toronto with the immediate addition of new Boeing 787 and 737 MAX simulators to be deployed in the second half of 2022,” said Nick Leontidis, CAE’s Group President, Civil Aviation. “These latest additions complement our offerings and support the efforts of our Canadian-based airlines as they ramp up service and look for future growth.”

At the facility, pilots for the airlines will train on the industry’s most advanced full-flight simulators and benefit from digitally immersive solutions that elevate safety, efficiency, and readiness for Canadian travelers from coast to coast.

The CAE 7000XR Series FFS is the latest evolution of CAE’s industry benchmark FFS. Designed in collaboration with CAE’s customers, the CAE 7000XR Series sets a new standard in Level D FFS. Leveraging the latest advancements in technology and training capabilities, the CAE 7000XR Series is designed to optimize life-cycle costs for our customers and to address new and future training requirements. Enhanced features include the CAE Tropos 6000XR for extreme visual realism, a next-generation instructor office, upset prevention recovery training, and it is also built for lower ownership costs and increased reliability.

About CAE

CAE is a high technology company, at the leading edge of digital immersion, providing solutions to make the world a safer place. Backed by a record of 75 years of industry firsts, we continue to reimagine the customer experience and revolutionize training and operational support solutions in civil aviation, defense and security, and healthcare. We are the partner of choice to customers worldwide who operate in complex, high-stakes and largely regulated environments, where successful outcomes are critical. As testament to our customers’ ongoing needs for our solutions, over 60 percent of CAE’s revenue is recurring in nature. We have the broadest global presence in our industry, with more than 13,000 employees, 180 sites, and training locations in over 35 countries. www.cae.com

CAE celebrates 75th anniversary with focus on high-tech future

MONTREAL, March 28, 2022 /CNW Telbec/ – (NYSE: CAE) (TSX: CAE) CAE is celebrating its 75th anniversary with a focus on its high-technology vision for the future. Founded by Ken Patrick in 1947, the company has grown from 18 employees refurbishing radios in a hangar in Saint-Hubert, Quebec, to a global team of more than 13,000 in over 35 countries delivering innovative training and operations-support solutions for the civil aviation, defence and security, and healthcare sectors.

To highlight its 75th and its new mission and vision, the company launched a new corporate video is below.

“CAE has been at the forefront of innovation for over 75 years thanks to the talent and passion of dedicated employees who have contributed to our success over the decades,” said Marc Parent, CAE’s President and CEO. “Safety and readiness are of paramount importance in our evolving world. With digitally immersive solutions, we are shrinking the gap between the virtual and physical worlds to equip people in critical roles – pilots, crew members, defence forces and healthcare professionals – with the expertise and confidence to perform at their best every day. I am more excited than ever for CAE’s high technology future.”

CAE is building technology to accelerate the development and safe adoption of world-changing innovations like electric vertical take-off and landing aircraft (eVTOL) in Civil Aviation, multi domain synthetic environments in Defense and Security, and CAE Maestro Evolve digital twin simulation in Healthcare. This new technology focused on digital immersion will help build the next generation of intelligent solutions.

Over the course of the next year, CAE will mark its 75th anniversary with employee celebrations, customer appreciation activities, and by volunteering initiatives in the communities we call home.

Watch our historical video is below.

Learn more about CAE’s history on our website: https://www.cae.com/about-cae/history/

About CAE

CAE is a high technology company, at the leading edge of digital immersion, providing solutions to make the world a safer place. Backed by a record of 75 years of industry firsts, we continue to reimagine the customer experience and revolutionize training and operational support solutions in civil aviation, defence and security, and healthcare. We are the partner of choice to customers worldwide who operate in complex, high-stakes and largely regulated environments, where successful outcomes are critical. As testament to our customers’ ongoing needs for our solutions, over 60 percent of CAE’s revenue is recurring in nature. We have the broadest global presence in our industry, with more than 13,000 employees, 180 sites, and training locations in over 35 countries. www.cae.com

Joby partners with CAE for eVTOL aircraft pilot training

SANTA CRUZ, CA. and MONTREAL, March 9, 2022 /CNW/ – CAE (NYSE: CAE) (TSX: CAE) announced today that it has partnered with Joby Aviation Inc. (NYSE:JOBY), a California-based company developing all-electric aircraft for commercial passenger service, to develop and qualify flight simulation training devices that will be used to train the future pilots of Joby’s revolutionary all-electric aircraft.

The all-electric Joby aircraft in flight above the company's Electric Flight Base in California
Click here to download picture in high resolution: https://www.cae.com/media/documents/Joby_aircraft_in_flight.jpg (CNW Group/CAE INC.)
The all-electric Joby aircraft in flight above the company’s Electric Flight Base in California (CNW Group/CAE INC.)

Leveraging the core simulation technology Joby has been developing for the past five years, CAE will work with Joby to develop pilot training devices specifically for the company’s electric vertical take-off and landing (eVTOL) aircraft.

Joby intends to both manufacture and operate its aircraft, requiring the company to train a new generation of pilots. Used to simulate aircraft flight in various environments and conditions, flight simulators are an integral part of readying pilots to fly a new type of aircraft.

“CAE has a sterling reputation for delivering excellent simulation and training solutions,” said Bonny Simi, Head of Air Operations and People for Joby. “We look forward to a world where thousands of Joby pilots are flying our aircraft every day and we couldn’t ask for a better partner to help make that a reality.”

Joby is currently working with the Federal Aviation Administration (FAA) to secure its Part 135 Air Carrier Certificate, establishing the processes and regulatory approvals necessary for the company to operate commercially, with an expected service launch in 2024.

“We are thrilled to partner with Joby to help bring their pioneering vision to life,” said Nick Leontidis, CAE’s Group President, Civil Aviation Training Solutions. “With more than 75 years of experience in the design, development and manufacture of flight simulators, CAE brings extensive expertise with new aircraft types to support the qualification of Joby’s eVTOL fixed base flight training device and full-flight simulator with the FAA.”

CAE recently announced Project Resilience, a CAD$1 billion investment into aviation technologies of the future. The investment accelerates CAE’s role as a leader in end-to-end technology development, operational support and training solution for eVTOL pilots and Advanced Air Mobility.

With its low noise profile, Joby’s eVTOL aircraft is designed to make fast, emissions-free, and convenient air travel an everyday reality in cities and communities around the world. Joby’s fly-by-wire aircraft employs a unified flight control system and uses controls that are similar to fixed-wing aircraft, resulting in a smooth transition for pilots.

“We believe many pilots will consider flying for Joby to be a great career opportunity,” said Simi. “In addition to flying an environmentally friendly aircraft with a great piloting experience, we’ll offer pilots a reliable schedule that allows them to be home every evening, a luxury not available to most professional pilots.”

ABOUT CAE

CAE is a high technology company, at the leading edge of digital immersion, providing solutions to make the world a safer place. Backed by a record of more than 70 years of industry firsts, we continue to reimagine the customer experience and revolutionize training and operational support solutions in civil aviation, defence and security, and healthcare. We are the partner of choice to customers worldwide who operate in complex, high-stakes and largely regulated environments, where successful outcomes are critical. As testament to our customers’ ongoing needs for our solutions, over 60 percent of CAE’s revenue is recurring in nature. We have the broadest global presence in our industry, with more than 11,000 employees, 160 sites, and training locations in over 35 countries. www.cae.com.

ABOUT JOBY AVIATION

Joby Aviation, Inc. (NYSE:JOBY) is a California-based transportation company developing an all-electric vertical take-off and landing aircraft which it intends to operate as part of a fast, quiet, and convenient air taxi service beginning in 2024. The aircraft, which has a maximum range of 150 miles on a single charge, can transport a pilot and four passengers at speeds of up to 200 mph. It is designed to help reduce urban congestion and accelerate the shift to sustainable modes of transit. Founded in 2009, Joby employs around 1,000 people, with offices in Santa Cruz, San Carlos, and Marina, California, as well as Washington, D.C. and Munich, Germany. To learn more, visit www.jobyaviation.com.