| Summary of selected financial information for each segment |
Selected financial information for each segment is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
2024 |
|
2023 |
|
2022 |
Revenue |
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
|
|
Aircraft |
|
$ |
41,749 |
|
$ |
80,877 |
|
$ |
101,511 |
Engine |
|
|
173,718 |
|
|
134,290 |
|
|
176,096 |
|
|
|
215,467 |
|
|
215,167 |
|
|
277,607 |
TechOps |
|
|
|
|
|
|
|
|
|
MRO services |
|
|
107,970 |
|
|
102,535 |
|
|
95,258 |
Product sales |
|
|
21,629 |
|
|
16,583 |
|
|
11,942 |
Whole asset sales |
|
|
- |
|
|
218 |
|
|
23,737 |
|
|
|
129,599 |
|
|
119,336 |
|
|
130,937 |
Total |
|
$ |
345,066 |
|
$ |
334,503 |
|
$ |
408,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2024 |
|
2023 |
|
2022 |
Cost of sales and operating expenses |
|
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
|
|
|
Aircraft |
|
|
$ |
27,223 |
|
$ |
58,138 |
|
$ |
65,355 |
Engine |
|
|
|
105,803 |
|
|
89,374 |
|
|
94,021 |
|
|
|
|
133,026 |
|
|
147,512 |
|
|
159,376 |
TechOps |
|
|
|
|
|
|
|
|
|
|
MRO services |
|
|
|
91,510 |
|
|
82,107 |
|
|
74,147 |
Product sales |
|
|
|
16,594 |
|
|
12,822 |
|
|
7,545 |
Whole asset sales |
|
|
|
- |
|
|
(359) |
|
|
16,082 |
|
|
|
|
108,104 |
|
|
94,570 |
|
|
97,774 |
Total |
|
|
$ |
241,130 |
|
$ |
242,082 |
|
$ |
257,150 |
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
2024 |
|
2023 |
|
2022 |
Gross profit |
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
|
|
Aircraft |
|
$ |
14,526 |
|
$ |
22,739 |
|
$ |
36,156 |
Engine |
|
|
67,915 |
|
|
44,916 |
|
|
82,075 |
|
|
|
82,441 |
|
|
67,655 |
|
|
118,231 |
TechOps |
|
|
|
|
|
|
|
|
|
MRO services |
|
|
16,460 |
|
|
20,428 |
|
|
21,111 |
Product sales |
|
|
5,035 |
|
|
3,761 |
|
|
4,397 |
Whole asset sales |
|
|
- |
|
|
577 |
|
|
7,655 |
|
|
|
21,495 |
|
|
24,766 |
|
|
33,163 |
Total |
|
$ |
103,936 |
|
$ |
92,421 |
|
$ |
151,394 |
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
2024 |
|
2023 |
Total Assets |
|
|
|
|
|
|
Asset Management Solutions |
|
$ |
383,336 |
|
$ |
372,326 |
TechOps |
|
|
205,655 |
|
|
163,883 |
Corporate |
|
|
15,732 |
|
|
17,729 |
|
|
$ |
604,723 |
|
$ |
553,938 |
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
2024 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
Total Depreciation and Amortization Expense |
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
$ |
9,909 |
|
$ |
6,043 |
|
$ |
7,807 |
TechOps |
|
|
5,042 |
|
|
3,549 |
|
|
2,609 |
Corporate |
|
|
1,097 |
|
|
867 |
|
|
568 |
|
|
$ |
16,048 |
|
$ |
10,459 |
|
$ |
10,984 |
Total Capital Expenditures |
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
$ |
15,350 |
|
$ |
488 |
|
$ |
8,288 |
TechOps |
|
|
11,755 |
|
|
9,206 |
|
|
6,078 |
Corporate |
|
|
1,925 |
|
|
1,665 |
|
|
1,229 |
|
|
$ |
29,030 |
|
$ |
11,359 |
|
$ |
15,595 |
|
| Summary of reconciliation segment gross profit to income (loss) before income tax provision |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
2024 |
|
2023 |
|
2022 |
|
|
Asset Management Solutions |
|
TechOps |
|
Total |
|
Asset Management Solutions |
|
TechOps |
|
Total |
|
Asset Management Solutions |
|
TechOps |
|
Total |
Gross Profit |
|
$ |
82,441 |
$ |
21,495 |
$ |
103,936 |
|
$ |
67,655 |
$ |
24,766 |
|
92,421 |
|
$ |
118,231 |
$ |
33,163 |
$ |
151,394 |
Operating expenses |
|
|
(11,870) |
|
(10,933) |
|
(22,803) |
|
|
(15,588) |
|
(11,341) |
|
(26,929) |
|
|
(12,480) |
|
(9,694) |
|
(22,174) |
Selling, general and administrative expenses |
|
|
(15,567) |
|
(18,884) |
|
(34,451) |
|
|
(15,362) |
|
(16,956) |
|
(32,318) |
|
|
(16,619) |
|
(20,018) |
|
(36,637) |
Segment income (loss) from operations |
|
|
55,004 |
|
(8,322) |
|
46,682 |
|
|
36,705 |
|
(3,531) |
|
33,174 |
|
|
89,132 |
|
3,451 |
|
92,583 |
Other corporate expenses (1) |
|
|
|
|
|
|
(36,938) |
|
|
|
|
|
|
(43,944) |
|
|
|
|
|
|
(37,537) |
Income (loss) from operations |
|
|
|
|
|
|
9,744 |
|
|
|
|
|
|
(10,770) |
|
|
|
|
|
|
55,046 |
Other (expenses) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest (expense) income, net |
|
|
|
|
|
|
(5,703) |
|
|
|
|
|
|
155 |
|
|
|
|
|
|
1,093 |
Other income, net |
|
|
|
|
|
|
1,495 |
|
|
|
|
|
|
666 |
|
|
|
|
|
|
2,268 |
Change in fair value of warrant liability |
|
|
|
|
|
|
2,301 |
|
|
|
|
|
|
2,270 |
|
|
|
|
|
|
(525) |
Income (loss) before income tax provision |
|
|
|
|
|
$ |
7,837 |
|
|
|
|
|
$ |
(7,679) |
|
|
|
|
|
$ |
57,882 |
|
(1) |
Other corporate expenses include other unapplied payroll expenses and benefits, telecommunications and IT support, professional fees, office rent, and depreciation, among others.
|
|
| Summary of revenues and long-lived assets based on the customers' geographic location |
The following table presents revenue based on the customers’ geographic location and long-lived assets located in the United States, our country of domicile, for the years ended December 31 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
Revenue |
|
2024 |
|
2023 |
|
2022 |
Domestic |
|
$ |
215,198 |
|
$ |
145,076 |
|
$ |
169,878 |
Foreign |
|
|
129,868 |
|
|
189,427 |
|
|
238,666 |
Total revenue |
|
$ |
345,066 |
|
$ |
334,503 |
|
$ |
408,544 |
|
|
|
|
|
|
|
|
|
Year ended December 31, |
Long-lived assets |
|
2024 |
|
2023 |
Domestic |
|
$ |
130,086 |
|
$ |
96,013 |
Foreign |
|
|
14,482 |
|
|
- |
Total long-lived assets |
|
$ |
144,568 |
|
$ |
96,013 |
|