| Summary of selected financial information for each segment |
Selected financial information for each segment for the three and nine months ended September 30, 2022 and 2021 is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft |
|
$ |
6,503 |
|
$ |
15,204 |
|
$ |
78,343 |
|
$ |
49,925 |
|
Engine |
|
|
14,088 |
|
|
33,672 |
|
|
131,319 |
|
|
88,502 |
|
|
|
|
20,591 |
|
|
48,876 |
|
|
209,662 |
|
|
138,427 |
|
TechOps |
|
|
|
|
|
|
|
|
|
|
|
|
|
MRO services |
|
|
26,390 |
|
|
21,683 |
|
|
72,258 |
|
|
78,116 |
|
Product sales |
|
|
4,018 |
|
|
2,739 |
|
|
7,888 |
|
|
7,111 |
|
Whole asset sales |
|
|
- |
|
|
- |
|
|
23,605 |
|
|
- |
|
|
|
|
30,408 |
|
|
24,422 |
|
|
103,751 |
|
|
85,227 |
|
Total |
|
$ |
50,999 |
|
$ |
73,298 |
|
$ |
313,413 |
|
$ |
223,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft |
|
$ |
2,480 |
|
$ |
6,729 |
|
$ |
29,779 |
|
$ |
16,370 |
|
Engine |
|
|
6,210 |
|
|
10,084 |
|
|
60,439 |
|
|
33,129 |
|
|
|
|
8,690 |
|
|
16,813 |
|
|
90,218 |
|
|
49,499 |
|
TechOps |
|
|
|
|
|
|
|
|
|
|
|
|
|
MRO services |
|
|
5,453 |
|
|
6,407 |
|
|
16,257 |
|
|
22,481 |
|
Product sales |
|
|
1,346 |
|
|
1,412 |
|
|
3,174 |
|
|
3,225 |
|
Whole asset sales |
|
|
- |
|
|
- |
|
|
7,523 |
|
|
- |
|
|
|
|
6,799 |
|
|
7,819 |
|
|
26,954 |
|
|
25,706 |
|
Total |
|
$ |
15,489 |
|
$ |
24,632 |
|
$ |
117,172 |
|
$ |
75,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2022 |
|
December 31, 2021 |
|
|
|
|
|
|
|
Total Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
$ |
369,040 |
|
$ |
370,378 |
|
|
|
|
|
|
|
Tech Ops |
|
|
131,352 |
|
|
112,742 |
|
|
|
|
|
|
|
Corporate |
|
|
9,372 |
|
|
4,365 |
|
|
|
|
|
|
|
|
|
$ |
509,764 |
|
$ |
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 nine months ended September 30, 2022 and 2021 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Segment gross profit |
|
$ |
15,489 |
|
$ |
24,632 |
|
$ |
117,172 |
|
$ |
75,205 |
|
Selling, general and administrative expenses |
|
|
(23,983) |
|
|
(22,803) |
|
|
(71,252) |
|
|
(53,079) |
|
Payroll support program proceeds |
|
|
- |
|
|
- |
|
|
- |
|
|
14,768 |
|
Interest expense, net |
|
|
393 |
|
|
(241) |
|
|
15 |
|
|
(750) |
|
Other income, net |
|
|
45 |
|
|
9 |
|
|
526 |
|
|
258 |
|
Change in fair value of warrant liability |
|
|
(2,029) |
|
|
(2,104) |
|
|
(1,881) |
|
|
(2,735) |
|
(Loss) income before income tax provision |
|
$ |
(10,085) |
|
$ |
(507) |
|
$ |
44,580 |
|
$ |
33,667 |
|
|
| Summary of intersegment revenues |
Intersegment revenue for the three and nine months ended September 30, 2022 and 2021, is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Asset Management Solutions |
|
$ |
1,705 |
|
$ |
959 |
|
$ |
4,886 |
|
$ |
2,942 |
|
TechOps |
|
|
3,168 |
|
|
6,015 |
|
|
15,771 |
|
|
14,747 |
|
Total intersegment revenues |
|
$ |
4,873 |
|
$ |
6,974 |
|
$ |
20,657 |
|
$ |
17,689 |
|
|