| Summary of selected financial information for each segment |
Selected financial information for each segment for the three and nine months ended September 30, 2023 and 2022 is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft |
|
$ |
20,888 |
|
$ |
6,503 |
|
$ |
57,836 |
|
$ |
78,343 |
Engine |
|
|
44,166 |
|
|
14,088 |
|
|
92,719 |
|
|
131,319 |
|
|
|
65,054 |
|
|
20,591 |
|
|
150,555 |
|
|
209,662 |
TechOps |
|
|
|
|
|
|
|
|
|
|
|
|
MRO services |
|
|
23,154 |
|
|
26,390 |
|
|
78,725 |
|
|
72,258 |
Product sales |
|
|
4,276 |
|
|
4,018 |
|
|
10,583 |
|
|
7,888 |
Whole asset sales |
|
|
- |
|
|
- |
|
|
218 |
|
|
23,605 |
|
|
|
27,430 |
|
|
30,408 |
|
|
89,526 |
|
|
103,751 |
Total |
|
$ |
92,484 |
|
$ |
50,999 |
|
$ |
240,081 |
|
$ |
313,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft |
|
$ |
6,656 |
|
$ |
2,480 |
|
$ |
16,871 |
|
$ |
29,779 |
Engine |
|
|
11,881 |
|
|
6,210 |
|
|
31,080 |
|
|
60,439 |
|
|
|
18,537 |
|
|
8,690 |
|
|
47,951 |
|
|
90,218 |
TechOps |
|
|
|
|
|
|
|
|
|
|
|
|
MRO services |
|
|
3,892 |
|
|
5,453 |
|
|
17,078 |
|
|
16,257 |
Product sales |
|
|
1,045 |
|
|
1,346 |
|
|
2,600 |
|
|
3,174 |
Whole asset sales |
|
|
- |
|
|
- |
|
|
376 |
|
|
7,523 |
|
|
|
4,937 |
|
|
6,799 |
|
|
20,054 |
|
|
26,954 |
Total |
|
$ |
23,474 |
|
$ |
15,489 |
|
$ |
68,005 |
|
$ |
117,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
December 31, 2022 |
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
$ |
382,624 |
|
$ |
233,034 |
Tech Ops |
|
|
|
|
|
|
|
|
156,672 |
|
|
141,406 |
Corporate |
|
|
|
|
|
|
|
|
14,606 |
|
|
157,139 |
|
|
|
|
|
|
|
|
$ |
553,902 |
|
$ |
531,579 |
|
| Summary of reconciliation segment gross profit to income before income tax provision |
The following table reconciles segment gross profit to (loss) income before income tax provision for the three and nine months ended September 30, 2023 and 2022 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Segment gross profit |
|
$ |
23,474 |
|
$ |
15,489 |
|
$ |
68,005 |
|
$ |
117,172 |
Selling, general and administrative expenses |
|
|
(25,403) |
|
|
(23,983) |
|
|
(77,724) |
|
|
(71,252) |
Interest (expense) income, net |
|
|
(250) |
|
|
393 |
|
|
1,178 |
|
|
15 |
Other income, net |
|
|
127 |
|
|
45 |
|
|
498 |
|
|
526 |
Change in fair value of warrant liability |
|
|
(55) |
|
|
(2,029) |
|
|
1,004 |
|
|
(1,881) |
(Loss) income before income tax provision |
|
$ |
(2,107) |
|
$ |
(10,085) |
|
$ |
(7,039) |
|
$ |
44,580 |
|
| Summary of intersegment revenues |
Intersegment revenue for the three and nine months ended September 30, 2023 and 2022, is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Asset Management Solutions |
|
$ |
168 |
|
$ |
1,705 |
|
$ |
1,241 |
|
$ |
4,886 |
TechOps |
|
|
3,761 |
|
|
3,168 |
|
|
13,952 |
|
|
15,771 |
Total intersegment revenues |
|
$ |
3,929 |
|
$ |
4,873 |
|
$ |
15,193 |
|
$ |
20,657 |
|