CAE’s CEO Marc Parent accepts Order of Canada insignia

Montreal, Canada, December 15, 2022 (NYSE: CAE; TSX: CAE)

Marc Parent, CAE’s President and CEO, wearing his insignia of the Order of Canada alongside Her Excellency The Right Honourable Mary Simons, Governor General of Canada

Marc Parent, CAE’s President and Chief Executive Officer, accepted his Order of Canada insignia at an investiture ceremony that took place in Ottawa on December 14, in the presence of their Excellencies The Right Honourable Mary Simons, Governor General of Canada, and her spouse, Mr. Whit Fraser. Mr. Parent was officially named to the Order of Canada in November 2020 for his outstanding achievements, dedication to the community, and service to the nation.

“Being appointed to the Order of Canada is the honour of a lifetime. I am truly humbled,” said Mr. Parent. “I will wear the Order’s insignia with great pride and recognition of the many people at CAE, within the aerospace industry, and at charitable organizations with which I have worked, who have energized and motivated me every step of the way.”

Mr. Parent has more than 35 years of experience in the aerospace industry.  Since joining CAE in 2005, he has led CAE’s growth beyond creating simulation products to providing solutions, services and technologies that enhance human performance, while always looking for innovative ways to give back to Canada. Under his leadership, CAE has become a Canadian symbol of excellence globally as the largest provider of civil aviation training services in the world, and a global leader in training and mission support solutions for defence and security forces and healthcare sectors, with the ultimate objective of preparing people for the moments that matter.

Committed to building technology to accelerate the development and safe adoption of world-changing innovations, Mr. Parent led CAE to become the first Canadian aerospace company to achieve carbo-neutrality in 2020.

Looking toward the future, Mr. Parent is leading CAE towards world-changing innovations that will make the future of the aerospace industry even more efficient, greener, and safer than ever before.

Over the years, Mr. Parent has been honoured with numerous awards and recognitions, including being named Industry Leader of the Year by the Living Legends of Aviation, Québec’s Air and Space Hall of Fame, and a Knight of the Ordre national du Québec in 2022. Read Marc Parent’s full bio here.

About the Order of Canada

Created in 1967, the Order of Canada is one of our country’s highest honours. Presented by the governor general, the Order honours people whose service shapes our society, whose innovations ignite our imaginations, and whose compassion unites our communities.

Close to 7,500 people from all sectors of society have been invested into the Order of Canada. Their contributions are varied, yet they have all enriched the lives of others and have taken to heart the motto of the Order: DESIDERANTES MELIOREM PATRIAM (“They desire a better country”). The striking, six-point white enamel insignia they wear symbolizes our northern heritage and our diversity, because no two snowflakes are alike.

Appointments are made by the governor general on the recommendation of the Advisory Council for the Order of Canada. For more information about the Order of Canada or to nominate someone, visit www.gg.ca/en/honours.

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, mission, and medical simulators, 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.

Read our FY22 Annual Activity and Corporate Social Responsibility Report

Emirates-CAE Flight Training celebrates 20th anniversary with new Global 6500 FFS in Dubai

  • New Global 6500 FFS to be deployed in May 2023

Dubai, United Arab Emirates, December 6, 2022

(from left to right) Camille Mariamo, CAE Vice-President Business Development and Strategic Growth, Civil Aviation; Capt. Bader Al Marzooqi, Emirates VP Flight Training and ECFT Board member; Nick Leontidis, CAE Group President, Civil Aviation; Nimrod Meuleman, Emirates-CAE Flight Training Managing Director.

CAE today announced at the MEBAA Show 2022 that it is enhancing its business aviation training offering with the deployment of a new Global 6500 full-flight simulator (FFS) in May 2023 at the Emirates-CAE Flight Training (ECFT) Al Garhoud centre.

The announcement comes as Emirates and CAE celebrate the 20th anniversary of their partnership and the establishment of ECFT in Dubai.

“ECFT’s success is a testament to the strong partnership Emirates and CAE have developed over the past 20 years,” said Nick Leontidis, CAE’s Group President, Civil Aviation. “With the deployment of the new Global 6500 FFS, we are securing ECFT’s reputation for delivering the most advanced business aviation training in the region.”

Steve Allen, Executive Vice President at Emirates Group, said: “Our consistent investment in infrastructure demonstrates our commitment to providing world-class aviation training in Dubai. The addition of another, advanced full-flight simulator to our offering further strengthens our position as one of the world’s leading flight training service providers. We look forward to continuing our successful partnership with CAE.”

20 years of ECFT

Emirates acquired its first simulator, an Airbus A310-300/A300-600R FFS from CAE in 1992, and by 1999 had acquired six additional simulators, including a custom Emergency Evacuation Trainer to meet the needs of the rapidly growing airline.

In 2002, Emirates and CAE entered into a training partnership with the establishment of Emirates-CAE Flight Training (ECFT) and inaugurated a new 12-bay training centre the following year. In 2006, ECFT became a joint venture, providing training to Emirates and a growing number of airlines and business aviation operators in the region.

In 2013, CAE and Emirates opened a second five-bay training centre, and in 2014, doubled its size, substantially growing the region’s pilot and technician training capacity on state-of-the-art simulators ranging from the Hawker 800 to the B737 MAX aircraft FFSs.

Today, ECFT’s two centres house 19 simulators and provide training to more than 12,000 pilots annually.

About Emirates

Emirates is the world’s largest international airline and one of the most recognized global airline brands. From its hub in Dubai, the airline serves 140 cities on six continents with its fleet of modern and spacious Airbus A380 and Boeing 777 aircraft.

Since its inception in 1985, Emirates has set the bar for excellence through its continual innovation and investments in products and services – both onboard and on the ground. It employs 50,000 employees from over 160 nations.

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, mission, and medical simulators, 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.

Read our FY22 Annual Activity and Corporate Social Responsibility Report.

CAE grows pilot pipeline and training capacity for Canadian airlines

  • Addition of three full-flight simulators at the recently expanded CAE Toronto training center
  • Jazz Approach ab-initio pilot training program accepting candidates

Montreal, Canada, Nov. 15, 2022

CAE announced today that it is investing in its Canadian pilot training network to meet the increased demand for pilots with the upcoming deployment of a B777 full-flight simulator (FFS) at its Toronto training centre. The move follows the installation and start of customer training on new B737 MAX and B787 FFSs at the expanded Toronto site.

In addition, to meet the future needs for pilots, CAE and Jazz Aviation are now accepting applications for Jazz Approach, an ab-initio pilot training program that provides cadets a direct pathway to a first officer position at Jazz Aviation.

“We’re adding new simulators and essential training capacity to support the increased demand for pilots from our Canadian airline customers,” said Nick Leontidis, CAE’s Group President, Civil Aviation. “Our partnership with Jazz Aviation on the Jazz Approach cadet program will allow us to create a pipeline of pilots for Jazz and provide a new pathway to a dream career. We look forward to making similar programs available to other Canadian airlines soon,” added Leontidis.

In addition, CAE is installing a Dash-8 Classic FFS at its Montreal training centre to better align with demand for training on this aircraft type in Canada.

CAE operates commercial aviation training centres in Montreal, Toronto and Vancouver, providing leading-edge training to Canada’s airlines.

About the Jazz Approach program

Offered by CAE and Jazz Aviation, Jazz Approach is the first cadet program of its kind in Canada, offering candidates with no previous flight experience the required training to become an airline pilot. Open to people with a post-secondary degree, diploma, or equivalent, and legally entitled to work in Canada and able to obtain a Canadian Category 1 Medical Certificate, the 20-month program includes a Transport Canada approved iATPL program and a CRJ 200 type rating in preparation for a first officer position at Jazz.  

More information

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, mission, and medical simulators, 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 Marc Parent and Maryse Carmichael inducted into Canada’s Aviation Hall of Fame

MONTREAL, Oct. 31, 2022 /CNW Telbec/ – (NYSE: CAE) (TSX: CAE) Marc Parent, CAE’s president and chief executive officer, and Lieutenant-Colonel (Retired) Maryse Carmichael, CAE’s Solution Lead, Future Aircrew Training, have been inducted into Canada’s Aviation Hall of Fame. This award recognizes individuals who have made outstanding contributions to aviation and aerospace in Canada. The ceremony took place on October 27 in Montreal.

“I am humbled to receive this award, a recognition of CAE’s efforts to make the world a safer place that I share with CAE employees around the world,” said Mr. Parent. “I am also delighted to see my colleague Maryse Carmichael recognized for her ground-breaking career as the first woman pilot and Commanding Officer of the Snowbirds demo team. It is a well-deserved honour.”

Mr. Parent has more than 35 years of experience in the aerospace industry.  Since joining CAE in 2005, he has led CAE’s growth beyond creating simulation products to providing solutions, services and technologies that enhance human performance, while always looking for innovative ways to give back to Canada. Under his leadership, CAE has become the largest provider of civil aviation training services in the world, and a global leader in training and mission support solutions for defence and security forces and healthcare sectors, with the ultimate objective of preparing people for the moments that matter.

Over the years, Mr. Parent has been honoured with numerous other awards, including the Order of Canada, being named Industry Leader of the Year by the Living Legends of Aviation, Québec’s Air and Space Hall of Fame, and a Knight of the Ordre national du Québec in 2022. Read Marc Parent’s full bio here.

LCol (Ret’d) Carmichael is a 22-year veteran of the Royal Canadian Air Force who has logged more than 3,500 hours flying time. Her legacy is as the first woman pilot to join the Canadian Armed Forces Snowbirds, 431 Air Demonstration Squadron and eventually serving as commander of the Snowbirds. After retiring from the Canadian Armed Forces as a Lieutenant-Colonel, she joined CAE, where she has worked in several capacities and is currently Solution Lead, Future Aircrew Training, where she ensures that the training of the next generation of aircrew meets the highest standards.

LCol (Ret’d) Carmichael is a member of the Ninety-Nines, the International Chapter of Women in Aviation, and a founding member of the Snowbirds Alumni Association. She has also been named as one of the 100 most powerful women in Canada, named a YWCA Woman of Distinction, and is recipient of the Northern Lights Aero Foundation “Elsie” award for Flight Operations. Read LCol (Ret’d) Carmichael’s full bio here.

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.

Air Canada and CAE Join Forces to Advance Diversity in Aviation, Doubling the 2023 Captain Judy Cameron Scholarships

  • Eight scholarships will be awarded to young Canadian women studying to become commercial pilots or maintenance engineers
  • Four aspiring commercial pilots to become CAE Women in Flight – Air Canada ambassadors
  • Scholarship applications open Nov. 1 here

MONTREAL, Oct. 25, 2022 /CNW Telbec/ – Air Canada and CAE today announced the two Montreal-based global aviation companies are joining together to advance diversity in aviation doubling the number of 2023 Captain Judy Cameron Scholarships granted to young Canadian women studying to become commercial pilots or maintenance engineers. Up to four aspiring commercial pilots will be invited to join the CAE Women in Flight program as an ambassador.

Air Canada and CAE join forces to double the 2023 Judy Cameron Scholarships and advance diversity in aviation from Air Canada on Vimeo.

Launched in 2019, the Judy Cameron scholarships were previously awarded to four recipients, which is increasing to eight with the support of CAE and their Women in Flight ambassador program. The annual Captain Judy Cameron Scholarships, established in honour of Air Canada’s first female pilot to help foster the next generation of women following in her trailblazing footsteps, are awarded in conjunction with the Northern Lights Aero Foundation.

Air Canada and CAE Join Forces to Advance Diversity in Aviation, Doubling the 2023 Captain Judy Cameron Scholarships (CNW Group/Air Canada)

“I am delighted that CAE is partnering with Air Canada to double the Captain Judy Cameron scholarships for Canadian women in flight training. Financial support to assist with the high cost of flight training is crucial to their success. When I began my first flying lesson in 1973, I never imagined that someday I would be able to encourage other women to enter this amazing career. Thanks to Air Canada and CAE for helping women to follow their dreams and fly. The Northern Lights Aero Foundation is honoured to be part of this,” said Judy Cameron, Boeing 777 Captain at Air Canada (retired), and Director, Northern Lights Aero Foundation.

“Air Canada has long championed gender equality particularly in non-traditional, highly specialized aviation careers, and we are incredibly pleased to have CAE, our long-time flight simulation partner, join with us to double the number of Captain Judy Cameron scholarships that will be offered for 2023. This means together, we can expand the reach to help more young women across Canada in their studies as commercial pilots or maintenance engineers. We look forward to seeing these recipients follow their aviation dreams and in future, certify as airworthy, or be in command of, an Air Canada aircraft,” said Murray Strom, Senior Vice President – Flight Operations at Air Canada.

“Diversity, equity and inclusion are central to CAE’s culture. We are proud to collaborate with our long-time partner Air Canada on our first scholarship-matching initiative as part of CAE’s Women in Flight ambassador program,” said Nick Leontidis, Group President, Civil Aviation, CAE. “The Captain Judy Cameron Scholarship program aligns with our efforts of creating a movement that encourages young women to dream big. A movement started by pioneers like Captain Cameron, inspiring young women everywhere to pursue careers in aviation.”

Scholarship applications open on Nov. 1, 2022 here.

About Judy Cameron

Judy Cameron became the first female pilot hired by Air Canada, Canada’s largest airline, in April 1978 at the age of 23. She was the first woman to graduate from Selkirk College’s Aviation Technology Program in 1975. Throughout her flying career of 40 years and over 23,000 hours, she has flown the DC-3, Twin Otter, Hawker Siddeley 748, DC-9, Lockheed 1011, Airbus 320, Boeing 767 and Boeing 777 to the far corners of the world. She became a captain in 1997 and in 2010, she became the first female captain in Canada of a Boeing 777, the largest aircraft in Air Canada’s fleet. She retired in 2015, received the Elsie MacGill Northern Lights award in the Flight Operations category that year, and in 2016 she was chosen by the 99s (International Organization of Women Pilots) to be on its Canadian postage stamp.  Today, Captain Cameron continues her volunteer work mentoring and supporting the next generation of female pilots with the Northern Lights Aero Foundation.

Air Canada proudly launched the Captain Judy Cameron Scholarship in her honour in 2019.

About CAE Women in Flight Ambassador Program

CAE’s Women in Flight Ambassador program is helping create a movement to encourage young girls and women to dream big and have no limits. With only five percent of women pilots worldwide, this program is geared to show women that they too can reach for the sky. This is a co-branded program in which CAE is partnering with airline customers globally to create women pilot ambassadors via scholarships ranging from partially funded to fully-funded pilot training.

Launched in 2018, the program was expanded in July 2022 to include to include partnership with more airline customers. The program was initially limited to candidates enrolled in one of CAE’s airline-sponsored cadet training program. With the evolution of the program, CAE is also matching existing airline scholarships. The goal of the program is to build a community of ambassadors who demonstrate leadership skills, active involvement in their communities, perseverance, who are passionate about aviation, and can inspire women to join the pilot profession.

To learn more about the program, go to  CAE Women in Flight Ambassador Program | CAE

About Air Canada

Air Canada is Canada’s largest airline, the country’s flag carrier and a founding member of Star Alliance, the world’s most comprehensive air transportation network. Air Canada provides scheduled passenger service directly to 50 airports in Canada, 47 in the United States and 69 internationally. It holds a Four-Star ranking from Skytrax. Air Canada’s Aeroplan program is Canada’s premier travel loyalty program, where members can earn or redeem points on the world’s largest airline partner network of 45 airlines, plus through an extensive range of merchandise, hotel and car rental rewards. Its freight division, Air Canada Cargo, provides air freight lift and connectivity to hundreds of destinations across six continents using Air Canada’s passenger flights and cargo-only flights with its fleet of Boeing 767-300 freighters. Air Canada has committed to a net zero emissions goal from all global operations by 2050. 

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 signs 15-year partnership agreement with the Qantas Group to develop and operate a new pilot training centre in Sydney, Australia

  • CAE to provide simulator services and centre operations for Qantas Group and operators in the region

MONTREAL, Aug. 16, 2022 /CNW Telbec/ – CAE (NYSE: CAE) (TSX: CAE) announced today that it has signed an exclusive 15-year agreement with the Qantas Group, to develop and operate a new state-of-the-art pilot training centre in Sydney, Australia. 

“As the global leader in civil aviation training, we are thrilled to be expanding CAE’s global network to Sydney, Australia to support the Qantas Group, a company that shares our unwavering commitment to safety,” said Marc Parent, CAE’s President and CEO. “As the operator of 50+ civil aviation training centres around the world, CAE is uniquely positioned to provide operational efficiencies to the Qantas Group and deliver an exceptional training experience for their pilots.”

“The Qantas Group has trained its pilots and crew in Sydney for more than half a century. Through this partnership with CAE, we look forward to bringing this critical function back to New South Wales via the new custom-built facility,” said Alan Joyce, Qantas Group’s CEO. “As our international network recovers from the impact of COVID and we grow our fleet, this new training centre will give us the simulator capacity required to train our new and current pilots.”

CAE will operate a new 7,000 square-metre CAE Sydney Training Centre that is slated to open in early 2024. In addition, CAE will deploy a new A320 full flight simulator and purchase the Qantas Group’s B787, A330, and B737NG full-flight simulators and associated integrated procedures trainers for the new centre. The Qantas Group’s A380 full-flight simulator and emergency procedures equipment will also be relocated to the new CAE Sydney Training Centre, where they will be operated and maintained by CAE. The development is subject to planning approvals, with a submission lodged by LOGOS who will develop the centre in partnership with CAE and the Qantas Group.

With a capacity for up to eight full-flight simulators, the CAE Sydney Training Centre will enable CAE to add more training capacity to address the addition of A350 and A321XLR aircraft to the Qantas Group’s fleet. This new centre will also allow CAE to grow its network capacity to provide training to operators in the region.

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 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.