| Summary of selected financial information for each segment |
Selected financial information for each segment for the three and six months ended June 30, 2022 and 2021 is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft |
|
$ |
56,857 |
|
$ |
24,269 |
|
$ |
71,840 |
|
$ |
34,721 |
|
Engine |
|
|
57,684 |
|
|
36,030 |
|
|
117,231 |
|
|
54,830 |
|
|
|
|
114,541 |
|
|
60,299 |
|
|
189,071 |
|
|
89,551 |
|
TechOps |
|
|
|
|
|
|
|
|
|
|
|
|
|
MRO services |
|
|
23,631 |
|
|
29,380 |
|
|
45,868 |
|
|
56,433 |
|
Product sales |
|
|
1,786 |
|
|
2,242 |
|
|
3,870 |
|
|
4,372 |
|
Whole asset sales |
|
|
(350) |
|
|
— |
|
|
23,605 |
|
|
— |
|
|
|
|
25,067 |
|
|
31,622 |
|
|
73,343 |
|
|
60,805 |
|
Total |
|
$ |
139,608 |
|
$ |
91,921 |
|
$ |
262,414 |
|
$ |
150,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft |
|
$ |
21,934 |
|
$ |
5,178 |
|
$ |
27,299 |
|
$ |
9,641 |
|
Engine |
|
|
28,219 |
|
|
13,921 |
|
|
54,229 |
|
|
23,045 |
|
|
|
|
50,153 |
|
|
19,099 |
|
|
81,528 |
|
|
32,686 |
|
TechOps |
|
|
|
|
|
|
|
|
|
|
|
|
|
MRO services |
|
|
4,554 |
|
|
11,048 |
|
|
10,805 |
|
|
16,074 |
|
Product sales |
|
|
623 |
|
|
591 |
|
|
1,827 |
|
|
1,813 |
|
Whole asset sales |
|
|
(350) |
|
|
- |
|
|
7,523 |
|
|
— |
|
|
|
|
4,827 |
|
|
11,639 |
|
|
20,155 |
|
|
17,887 |
|
Total |
|
$ |
54,980 |
|
$ |
30,738 |
|
$ |
101,683 |
|
$ |
50,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2022 |
|
December 31, 2021 |
|
|
|
|
|
|
|
Total Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
$ |
372,730 |
|
$ |
370,378 |
|
|
|
|
|
|
|
Tech Ops |
|
|
137,233 |
|
|
112,742 |
|
|
|
|
|
|
|
Corporate |
|
|
7,769 |
|
|
4,365 |
|
|
|
|
|
|
|
|
|
$ |
517,732 |
|
$ |
487,485 |
|
|
|
|
|
|
|
|
| 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 and six months ended June 30, 2022 and 2021 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Segment gross profit |
|
$ |
54,980 |
|
$ |
30,738 |
|
$ |
101,683 |
|
$ |
50,573 |
|
Selling, general and administrative expenses |
|
|
(23,503) |
|
|
(16,966) |
|
|
(47,269) |
|
|
(30,276) |
|
Payroll support program proceeds |
|
|
- |
|
|
8,405 |
|
|
- |
|
|
14,768 |
|
Interest expense, net |
|
|
(183) |
|
|
(251) |
|
|
(378) |
|
|
(509) |
|
Other income, net |
|
|
116 |
|
|
155 |
|
|
481 |
|
|
249 |
|
Change in fair value of warrant liability |
|
|
1,382 |
|
|
(407) |
|
|
148 |
|
|
(631) |
|
Income before income tax provision |
|
$ |
32,792 |
|
$ |
21,674 |
|
$ |
54,665 |
|
$ |
34,174 |
|
|
| Summary of intersegment revenues |
Intersegment revenue for the three and six months ended June 30, 2022 and 2021, is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Asset Management Solutions |
|
$ |
3,117 |
|
$ |
536 |
|
$ |
3,181 |
|
$ |
1,983 |
|
TechOps |
|
|
5,598 |
|
|
1,328 |
|
|
12,603 |
|
|
3,486 |
|
Total intersegment revenues |
|
$ |
8,715 |
|
$ |
1,864 |
|
$ |
15,784 |
|
$ |
5,469 |
|
|