| Summary of selected financial information for each segment |
Selected financial information for each segment for the three months ended March 31, 2023 and 2022 is as follows (in thousands):
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2023 |
|
2022 |
Revenue |
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
Aircraft |
|
$ |
24,895 |
|
$ |
14,983 |
Engine |
|
|
23,535 |
|
|
59,547 |
|
|
|
48,430 |
|
|
74,530 |
TechOps |
|
|
|
|
|
|
MRO services |
|
|
27,154 |
|
|
22,237 |
Product sales |
|
|
2,687 |
|
|
2,084 |
Whole asset sales |
|
|
— |
|
|
23,955 |
|
|
|
29,841 |
|
|
48,276 |
Total |
|
$ |
78,271 |
|
$ |
122,806 |
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2023 |
|
2022 |
Gross profit |
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
Aircraft |
|
$ |
8,455 |
|
$ |
5,365 |
Engine |
|
|
9,604 |
|
|
26,010 |
|
|
|
18,059 |
|
|
31,375 |
TechOps |
|
|
|
|
|
|
MRO services |
|
|
5,945 |
|
|
6,251 |
Product sales |
|
|
387 |
|
|
1,204 |
Whole asset sales |
|
|
— |
|
|
7,873 |
|
|
|
6,332 |
|
|
15,328 |
Total |
|
$ |
24,391 |
|
$ |
46,703 |
|
|
|
|
|
|
|
|
|
March 31, 2023 |
|
December 31, 2022 |
Total assets |
|
|
|
|
|
|
Asset Management Solutions |
|
$ |
283,021 |
|
$ |
233,034 |
Tech Ops |
|
|
157,683 |
|
|
141,406 |
Corporate |
|
|
96,617 |
|
|
157,139 |
|
|
$ |
537,321 |
|
$ |
531,579 |
|
| 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 months ended March 31, 2023 and 2022 (in thousands):
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2023 |
|
2022 |
Segment gross profit |
|
$ |
24,391 |
|
$ |
46,703 |
Selling, general and administrative expenses |
|
|
(25,224) |
|
|
(23,766) |
Interest income (expense), net |
|
|
1,047 |
|
|
(195) |
Other income, net |
|
|
233 |
|
|
365 |
Change in fair value of warrant liability |
|
|
(334) |
|
|
(1,234) |
Income before income tax provision |
|
$ |
113 |
|
$ |
21,873 |
|
| Summary of intersegment revenues |
Intersegment revenue for the three months ended March 31, 2023 and 2022, is as follows (in thousands):
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
2023 |
|
2022 |
Asset Management Solutions |
$ |
1,821 |
|
$ |
64 |
TechOps |
|
3,758 |
|
|
7,005 |
Total intersegment revenues |
$ |
5,579 |
|
$ |
7,069 |
|