| Summary of selected financial information for each segment |
Selected financial information for each segment for the three months ended March 31, 2022 and 2021 is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
2022 |
|
2021 |
|
|
Revenues |
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
|
Aircraft |
|
$ |
14,983 |
|
$ |
10,452 |
|
|
Engine |
|
|
59,547 |
|
|
18,800 |
|
|
|
|
|
74,530 |
|
|
29,252 |
|
|
TechOps |
|
|
|
|
|
|
|
|
MRO services |
|
|
22,237 |
|
|
27,053 |
|
|
Product sales |
|
|
2,084 |
|
|
2,130 |
|
|
Whole asset sales |
|
|
23,955 |
|
|
— |
|
|
|
|
|
48,276 |
|
|
29,183 |
|
|
Total |
|
$ |
122,806 |
|
$ |
58,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
2022 |
|
2021 |
|
|
Gross profit |
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
|
Aircraft |
|
$ |
5,365 |
|
$ |
4,463 |
|
|
Engine |
|
|
26,010 |
|
|
9,124 |
|
|
|
|
|
31,375 |
|
|
13,587 |
|
|
TechOps |
|
|
|
|
|
|
|
|
MRO services |
|
|
6,251 |
|
|
5,026 |
|
|
Product sales |
|
|
1,204 |
|
|
1,222 |
|
|
Whole asset sales |
|
|
7,873 |
|
|
— |
|
|
|
|
|
15,328 |
|
|
6,248 |
|
|
Total |
|
$ |
46,703 |
|
$ |
19,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2022 |
|
December 31, 2021 |
|
|
Total Assets |
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
$ |
378,369 |
|
$ |
370,378 |
|
|
Tech Ops |
|
|
117,848 |
|
|
112,742 |
|
|
Corporate |
|
|
6,739 |
|
|
4,365 |
|
|
|
|
$ |
502,956 |
|
$ |
487,485 |
|
|
|
| Summary of reconciliation segment gross profit to net income, continuing operations |
The following table reconciles segment gross profit to net income for the three months ended March 31, 2022 and 2021 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
2022 |
|
2021 |
|
|
Segment gross profit |
|
$ |
46,703 |
|
$ |
19,835 |
|
|
Selling, general and administrative expenses |
|
|
(23,766) |
|
|
(13,310) |
|
|
Payroll support program proceeds |
|
|
- |
|
|
6,363 |
|
|
Interest expense, net |
|
|
(195) |
|
|
(258) |
|
|
Other income, net |
|
|
365 |
|
|
94 |
|
|
Change in fair value of warrant liability |
|
|
(1,234) |
|
|
(224) |
|
|
Income tax expense |
|
|
(4,647) |
|
|
(2,482) |
|
|
Net income |
|
$ |
17,226 |
|
$ |
10,018 |
|
|
|
| Summary of intersegment revenues |
Intersegment revenue for the three months ended March 31, 2022 and 2021, is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
2022 |
|
2021 |
|
|
Asset Management Solutions |
|
$ |
64 |
|
$ |
1,447 |
|
|
TechOps |
|
|
7,005 |
|
|
2,158 |
|
|
Total intersegment revenues |
|
$ |
7,069 |
|
$ |
3,605 |
|
|
|