| Summary of selected financial information for each segment |
Selected financial information for each segment is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2024 |
|
2023 |
|
Revenue |
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
Aircraft |
|
$ |
16,338 |
|
$ |
24,895 |
|
Engine |
|
|
42,924 |
|
|
23,535 |
|
|
|
|
59,262 |
|
|
48,430 |
|
TechOps |
|
|
|
|
|
|
|
MRO services |
|
|
25,848 |
|
|
27,154 |
|
Product sales |
|
|
5,430 |
|
|
2,687 |
|
|
|
|
31,278 |
|
|
29,841 |
|
Total |
|
$ |
90,540 |
|
$ |
78,271 |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2024 |
|
2023 |
|
Gross profit |
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
Aircraft |
|
$ |
4,837 |
|
$ |
8,455 |
|
Engine |
|
|
17,815 |
|
|
9,604 |
|
|
|
|
22,652 |
|
|
18,059 |
|
TechOps |
|
|
|
|
|
|
|
MRO services |
|
|
4,916 |
|
|
5,945 |
|
Product sales |
|
|
1,228 |
|
|
387 |
|
|
|
|
6,144 |
|
|
6,332 |
|
Total |
|
$ |
28,796 |
|
$ |
24,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
December 31, 2023 |
|
Total assets |
|
|
|
|
|
|
|
Asset Management Solutions |
|
$ |
388,041 |
|
$ |
372,326 |
|
Tech Ops |
|
|
170,369 |
|
|
163,883 |
|
Corporate |
|
|
13,284 |
|
|
17,729 |
|
|
|
$ |
571,694 |
|
$ |
553,938 |
|
|
| Summary of reconciliation segment gross profit to income before income tax provision |
The following table reconciles segment gross profit to income before income tax provision for the three months ended March 31, 2024 and 2023 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
2024 |
|
2023 |
|
Segment gross profit |
|
|
$ |
28,796 |
|
$ |
24,391 |
|
Selling, general and administrative expenses |
|
|
|
(24,133) |
|
|
(25,224) |
|
(Expense) interest income, net |
|
|
|
(935) |
|
|
1,047 |
|
Other income, net |
|
|
|
169 |
|
|
233 |
|
Change in fair value of warrant liability |
|
|
|
1,979 |
|
|
(334) |
|
Income before income tax provision |
|
|
$ |
5,876 |
|
$ |
113 |
|
|
| Summary of intersegment revenues |
Intersegment revenue for the three months ended March 31, 2024 and 2023, is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2024 |
|
2023 |
|
Asset Management Solutions |
|
$ |
437 |
|
$ |
1,821 |
|
TechOps |
|
|
5,578 |
|
|
3,758 |
|
Total intersegment revenues |
|
$ |
6,015 |
|
$ |
5,579 |
|
|