| Summary of selected financial information for each segment |
Selected financial information for each segment for the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft |
|
$ |
8,940 |
|
$ |
20,888 |
|
$ |
34,388 |
|
$ |
57,836 |
|
Engine |
|
|
41,474 |
|
|
44,166 |
|
|
117,087 |
|
|
92,719 |
|
|
|
|
50,414 |
|
|
65,054 |
|
|
151,475 |
|
|
150,555 |
|
TechOps |
|
|
|
|
|
|
|
|
|
|
|
|
|
MRO services |
|
|
28,065 |
|
|
23,154 |
|
|
83,430 |
|
|
78,725 |
|
Product sales |
|
|
4,205 |
|
|
4,276 |
|
|
15,420 |
|
|
10,583 |
|
Whole asset sales |
|
|
- |
|
|
- |
|
|
- |
|
|
218 |
|
|
|
|
32,270 |
|
|
27,430 |
|
|
98,850 |
|
|
89,526 |
|
Total |
|
$ |
82,684 |
|
$ |
92,484 |
|
$ |
250,325 |
|
$ |
240,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft |
|
$ |
3,009 |
|
$ |
6,656 |
|
$ |
11,268 |
|
$ |
16,871 |
|
Engine |
|
|
16,279 |
|
|
11,881 |
|
|
46,033 |
|
|
31,080 |
|
|
|
|
19,288 |
|
|
18,537 |
|
|
57,301 |
|
|
47,951 |
|
TechOps |
|
|
|
|
|
|
|
|
|
|
|
|
|
MRO services |
|
|
3,160 |
|
|
3,892 |
|
|
12,637 |
|
|
17,078 |
|
Product sales |
|
|
1,227 |
|
|
1,045 |
|
|
4,253 |
|
|
2,600 |
|
Whole asset sales |
|
|
- |
|
|
- |
|
|
- |
|
|
376 |
|
|
|
|
4,387 |
|
|
4,937 |
|
|
16,890 |
|
|
20,054 |
|
Total |
|
$ |
23,675 |
|
$ |
23,474 |
|
$ |
74,191 |
|
$ |
68,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2024 |
|
December 31, 2023 |
|
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
$ |
400,610 |
|
$ |
372,326 |
|
Tech Ops |
|
|
|
|
|
|
|
|
180,612 |
|
|
163,883 |
|
Corporate |
|
|
|
|
|
|
|
|
20,234 |
|
|
17,729 |
|
|
|
|
|
|
|
|
|
$ |
601,456 |
|
$ |
553,938 |
|
|
| Summary of reconciliation segment gross profit to income (loss) before income tax provision |
The following table reconciles segment gross profit to income (loss) before income tax provision for the three and nine months ended September 30, 2024 and 2023 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Segment gross profit |
|
$ |
23,675 |
|
$ |
23,474 |
|
$ |
74,191 |
|
$ |
68,005 |
|
Selling, general and administrative expenses |
|
|
(21,679) |
|
|
(25,403) |
|
|
(69,384) |
|
|
(77,724) |
|
Interest (expense) income, net |
|
|
(1,768) |
|
|
(250) |
|
|
(4,231) |
|
|
1,178 |
|
Other income, net |
|
|
128 |
|
|
127 |
|
|
399 |
|
|
498 |
|
Change in fair value of warrant liability |
|
|
231 |
|
|
(55) |
|
|
2,348 |
|
|
1,004 |
|
Income (loss) before income tax provision |
|
$ |
587 |
|
$ |
(2,107) |
|
$ |
3,323 |
|
$ |
(7,039) |
|
|
| Summary of intersegment revenues |
Intersegment revenue for the three and nine months ended September 30, 2024 and 2023, is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Asset Management Solutions |
|
$ |
86 |
|
$ |
168 |
|
$ |
692 |
|
$ |
1,241 |
|
TechOps |
|
|
2,397 |
|
|
3,761 |
|
|
9,993 |
|
|
13,952 |
|
Total intersegment revenues |
|
$ |
2,483 |
|
$ |
3,929 |
|
$ |
10,685 |
|
$ |
15,193 |
|
|