| Summary of selected financial information for each segment |
Selected financial information for each segment is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2022 |
|
2021 |
|
2020 |
Revenues |
|
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
|
|
|
Aircraft |
|
|
$ |
101,511 |
|
$ |
87,461 |
|
$ |
53,639 |
Engine |
|
|
|
176,096 |
|
|
144,549 |
|
|
45,072 |
|
|
|
$ |
277,607 |
|
$ |
232,010 |
|
$ |
98,711 |
TechOps |
|
|
|
|
|
|
|
|
|
|
MRO services |
|
|
$ |
95,258 |
|
$ |
99,899 |
|
$ |
103,899 |
Product sales |
|
|
|
11,942 |
|
|
8,528 |
|
|
6,328 |
Whole asset sales |
|
|
|
23,737 |
|
|
— |
|
|
— |
|
|
|
|
130,937 |
|
|
108,427 |
|
|
110,227 |
Total |
|
|
$ |
408,544 |
|
$ |
340,437 |
|
$ |
208,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2022 |
|
2021 |
|
2020 |
Gross profit |
|
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
|
|
|
Aircraft |
|
|
$ |
36,156 |
|
$ |
30,157 |
|
$ |
11,914 |
Engine |
|
|
|
82,075 |
|
|
59,389 |
|
|
17,383 |
|
|
|
$ |
118,231 |
|
$ |
89,546 |
|
$ |
29,297 |
TechOps |
|
|
|
|
|
|
|
|
|
|
MRO services |
|
|
$ |
21,111 |
|
$ |
28,133 |
|
$ |
21,883 |
Product sales |
|
|
|
4,397 |
|
|
1,713 |
|
|
1,609 |
Whole asset sales |
|
|
|
7,655 |
|
|
— |
|
|
— |
|
|
|
|
33,163 |
|
|
29,846 |
|
|
23,492 |
Total |
|
|
|
151,394 |
|
|
119,392 |
|
|
52,789 |
|
|
|
|
|
|
|
|
|
2022 |
|
2021 |
Total Assets |
|
|
|
|
|
|
Asset Management Solutions |
|
$ |
233,034 |
|
$ |
240,190 |
TechOps |
|
|
141,406 |
|
|
112,742 |
Corporate |
|
|
157,139 |
|
|
134,553 |
|
|
$ |
531,579 |
|
$ |
487,485 |
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
Total Depreciation and Amortization Expense |
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
$ |
7,807 |
|
$ |
10,163 |
|
$ |
21,210 |
TechOps |
|
|
2,609 |
|
|
2,506 |
|
|
2,600 |
Corporate |
|
|
568 |
|
|
329 |
|
|
413 |
|
|
$ |
10,984 |
|
$ |
12,998 |
|
$ |
24,223 |
Total Capital Expenditures |
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
$ |
8,288 |
|
$ |
2,383 |
|
$ |
5,128 |
TechOps |
|
|
6,078 |
|
|
1,224 |
|
|
1,965 |
Corporate |
|
|
1,229 |
|
|
284 |
|
|
172 |
|
|
$ |
15,595 |
|
$ |
3,891 |
|
$ |
7,265 |
|
| Summary of reconciliation segment gross profit to income before income tax provision |
The following table reconciles segment gross profit to net income from continuing operations for the years ended December 31, (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2022 |
|
2021 |
|
2020 |
Segment gross profit |
|
|
$ |
151,394 |
|
$ |
119,392 |
|
$ |
52,789 |
Selling, general and administrative expenses |
|
|
|
(96,348) |
|
|
(77,498) |
|
|
(55,635) |
Payroll support program proceeds |
|
|
|
- |
|
|
14,768 |
|
|
12,693 |
Transaction costs |
|
|
|
- |
|
|
- |
|
|
1,436 |
Interest income (expense), net |
|
|
|
1,093 |
|
|
(980) |
|
|
(1,645) |
Other income, net |
|
|
|
2,268 |
|
|
458 |
|
|
494 |
Unrealized loss on investment |
|
|
|
- |
|
|
(5,421) |
|
|
- |
Change in fair value of warrant liability |
|
|
|
(525) |
|
|
(2,945) |
|
|
(388) |
Income before income tax provision |
|
|
$ |
57,882 |
|
$ |
47,774 |
|
$ |
9,744 |
|
| Summary of revenues and long-lived assets based on the customers' geographic location |
The following table presents revenues 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):
|
|
|
|
|
|
|
|
|
|
Revenues |
|
2022 |
|
2021 |
|
2020 |
Domestic |
|
$ |
169,878 |
|
$ |
133,911 |
|
$ |
92,837 |
Foreign |
|
|
238,666 |
|
|
206,526 |
|
|
116,101 |
Total revenues |
|
$ |
408,544 |
|
$ |
340,437 |
|
$ |
208,938 |
|
|
|
|
|
|
|
Long-lived assets |
|
2022 |
|
2021 |
Domestic |
|
$ |
87,898 |
|
$ |
102,452 |
Foreign |
|
|
- |
|
|
24,360 |
Total long-lived assets |
|
$ |
87,898 |
|
$ |
126,812 |
|