| Summary of selected financial information for each segment |
Selected financial information for each segment is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
2023 |
|
2022 |
|
2021 |
Revenue |
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
|
|
Aircraft |
|
$ |
80,877 |
|
$ |
101,511 |
|
$ |
87,461 |
Engine |
|
|
134,290 |
|
|
176,096 |
|
|
144,549 |
|
|
|
215,167 |
|
|
277,607 |
|
|
232,010 |
TechOps |
|
|
|
|
|
|
|
|
|
MRO services |
|
|
102,535 |
|
|
95,258 |
|
|
99,899 |
Product sales |
|
|
16,583 |
|
|
11,942 |
|
|
8,528 |
Whole asset sales |
|
|
218 |
|
|
23,737 |
|
|
— |
|
|
|
119,336 |
|
|
130,937 |
|
|
108,427 |
Total |
|
$ |
334,503 |
|
$ |
408,544 |
|
$ |
340,437 |
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2023 |
|
2022 |
|
2021 |
Gross profit |
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
|
|
Aircraft |
|
$ |
22,739 |
|
$ |
36,156 |
|
$ |
30,157 |
Engine |
|
|
44,916 |
|
|
82,075 |
|
|
59,389 |
|
|
|
67,655 |
|
|
118,231 |
|
|
89,546 |
TechOps |
|
|
|
|
|
|
|
|
|
MRO services |
|
|
20,428 |
|
|
21,111 |
|
|
28,133 |
Product sales |
|
|
3,761 |
|
|
4,397 |
|
|
1,713 |
Whole asset sales |
|
|
577 |
|
|
7,655 |
|
|
— |
|
|
|
24,766 |
|
|
33,163 |
|
|
29,846 |
Total |
|
$ |
92,421 |
|
$ |
151,394 |
|
$ |
119,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
Total Assets |
|
|
|
|
|
|
Asset Management Solutions |
|
$ |
372,326 |
|
$ |
233,034 |
TechOps |
|
|
163,883 |
|
|
141,406 |
Corporate |
|
|
17,729 |
|
|
157,139 |
|
|
$ |
553,938 |
|
$ |
531,579 |
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
Total Depreciation and Amortization Expense |
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
$ |
6,043 |
|
$ |
7,807 |
|
$ |
10,163 |
TechOps |
|
|
3,549 |
|
|
2,609 |
|
|
2,506 |
Corporate |
|
|
867 |
|
|
568 |
|
|
329 |
|
|
$ |
10,459 |
|
$ |
10,984 |
|
$ |
12,998 |
Total Capital Expenditures |
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
$ |
488 |
|
$ |
8,288 |
|
$ |
2,383 |
TechOps |
|
|
9,206 |
|
|
6,078 |
|
|
1,224 |
Corporate |
|
|
1,665 |
|
|
1,229 |
|
|
284 |
|
|
$ |
11,359 |
|
$ |
15,595 |
|
$ |
3,891 |
|
| 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, |
|
|
|
2023 |
|
2022 |
|
2021 |
Segment gross profit |
|
|
$ |
92,421 |
|
$ |
151,394 |
|
$ |
119,392 |
Selling, general and administrative expenses |
|
|
|
(103,191) |
|
|
(96,348) |
|
|
(77,498) |
Payroll support program proceeds |
|
|
|
- |
|
|
- |
|
|
14,768 |
Interest (expense) income, net |
|
|
|
155 |
|
|
1,093 |
|
|
(980) |
Other income, net |
|
|
|
666 |
|
|
2,268 |
|
|
458 |
Unrealized loss on investment |
|
|
|
- |
|
|
- |
|
|
(5,421) |
Change in fair value of warrant liability |
|
|
|
2,270 |
|
|
(525) |
|
|
(2,945) |
(Loss) income before income tax provision |
|
|
$ |
(7,679) |
|
$ |
57,882 |
|
$ |
47,774 |
|
| 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 |
|
2023 |
|
2022 |
|
2021 |
Domestic |
|
$ |
145,076 |
|
$ |
169,878 |
|
$ |
133,911 |
Foreign |
|
|
189,427 |
|
|
238,666 |
|
|
206,526 |
Total revenues |
|
$ |
334,503 |
|
$ |
408,544 |
|
$ |
340,437 |
|
|
|
|
|
|
|
Long-lived assets |
|
2023 |
|
2022 |
Domestic |
|
$ |
96,013 |
|
$ |
87,898 |
Foreign |
|
|
- |
|
|
- |
Total long-lived assets |
|
$ |
96,013 |
|
$ |
87,898 |
|
| Summary of intersegment revenues |
All intersegment transactions have been eliminated upon consolidation. Intersegment revenue is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
|
2023 |
|
2022 |
|
2021 |
Asset Management Solutions |
|
|
|
$ |
1,599 |
|
$ |
4,978 |
|
$ |
6,822 |
TechOps |
|
|
|
|
21,359 |
|
|
22,783 |
|
|
21,932 |
Total intersegment revenues |
|
|
|
$ |
22,958 |
|
$ |
27,761 |
|
$ |
28,754 |
|