| Summary of selected financial information for each segment |
Selected financial information for each segment for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft |
|
$ |
9,110 |
|
$ |
12,053 |
|
$ |
25,448 |
|
$ |
36,948 |
|
Engine |
|
|
32,689 |
|
|
25,018 |
|
|
75,613 |
|
|
48,553 |
|
|
|
|
41,799 |
|
|
37,071 |
|
|
101,061 |
|
|
85,501 |
|
TechOps |
|
|
|
|
|
|
|
|
|
|
|
|
|
MRO services |
|
|
29,517 |
|
|
28,417 |
|
|
55,365 |
|
|
55,571 |
|
Product sales |
|
|
5,785 |
|
|
3,620 |
|
|
11,215 |
|
|
6,307 |
|
Whole asset sales |
|
|
- |
|
|
218 |
|
|
- |
|
|
218 |
|
|
|
|
35,302 |
|
|
32,255 |
|
|
66,580 |
|
|
62,096 |
|
Total |
|
$ |
77,101 |
|
$ |
69,326 |
|
$ |
167,641 |
|
$ |
147,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft |
|
$ |
3,422 |
|
$ |
1,760 |
|
$ |
8,259 |
|
$ |
10,215 |
|
Engine |
|
|
11,939 |
|
|
9,595 |
|
|
29,754 |
|
|
19,199 |
|
|
|
|
15,361 |
|
|
11,355 |
|
|
38,013 |
|
|
29,414 |
|
TechOps |
|
|
|
|
|
|
|
|
|
|
|
|
|
MRO services |
|
|
4,561 |
|
|
7,241 |
|
|
9,477 |
|
|
13,186 |
|
Product sales |
|
|
1,798 |
|
|
1,168 |
|
|
3,026 |
|
|
1,555 |
|
Whole asset sales |
|
|
- |
|
|
376 |
|
|
- |
|
|
376 |
|
|
|
|
6,359 |
|
|
8,785 |
|
|
12,503 |
|
|
15,117 |
|
Total |
|
$ |
21,720 |
|
$ |
20,140 |
|
$ |
50,516 |
|
$ |
44,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
December 31, 2023 |
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
$ |
412,753 |
|
$ |
372,326 |
|
Tech Ops |
|
|
|
|
|
|
|
|
171,286 |
|
|
163,883 |
|
Corporate |
|
|
|
|
|
|
|
|
14,655 |
|
|
17,729 |
|
|
|
|
|
|
|
|
|
$ |
598,694 |
|
$ |
553,938 |
|
|
| 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 six months ended June 30, 2024 and 2023 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Segment gross profit |
|
$ |
21,720 |
|
$ |
20,140 |
|
$ |
50,516 |
|
$ |
44,531 |
|
Selling, general and administrative expenses |
|
|
(23,572) |
|
|
(27,097) |
|
|
(47,705) |
|
|
(52,321) |
|
Interest (expense) income, net |
|
|
(1,528) |
|
|
381 |
|
|
(2,463) |
|
|
1,428 |
|
Other income, net |
|
|
102 |
|
|
138 |
|
|
271 |
|
|
371 |
|
Change in fair value of warrant liability |
|
|
138 |
|
|
1,393 |
|
|
2,117 |
|
|
1,059 |
|
(Loss) income before income tax provision |
|
$ |
(3,140) |
|
$ |
(5,045) |
|
$ |
2,736 |
|
$ |
(4,932) |
|
|
| Summary of intersegment revenues |
Intersegment revenue for the three and six months ended June 30, 2024 and 2023, is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Asset Management Solutions |
|
$ |
170 |
|
$ |
164 |
|
$ |
606 |
|
$ |
1,074 |
|
TechOps |
|
|
2,019 |
|
|
6,432 |
|
|
7,597 |
|
|
10,190 |
|
Total intersegment revenues |
|
$ |
2,189 |
|
$ |
6,596 |
|
$ |
8,203 |
|
$ |
11,264 |
|
|