| Summary of selected financial information for each segment |
Selected financial information for each segment for the three months ended June 30, 2023 and 2022 is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft |
|
$ |
12,053 |
|
$ |
56,857 |
|
$ |
36,948 |
|
$ |
71,840 |
Engine |
|
|
25,018 |
|
|
57,684 |
|
|
48,553 |
|
|
117,231 |
|
|
|
37,071 |
|
|
114,541 |
|
|
85,501 |
|
|
189,071 |
TechOps |
|
|
|
|
|
|
|
|
|
|
|
|
MRO services |
|
|
28,417 |
|
|
23,631 |
|
|
55,571 |
|
|
45,868 |
Product sales |
|
|
3,620 |
|
|
1,786 |
|
|
6,307 |
|
|
3,870 |
Whole asset sales |
|
|
218 |
|
|
(350) |
|
|
218 |
|
|
23,605 |
|
|
|
32,255 |
|
|
25,067 |
|
|
62,096 |
|
|
73,343 |
Total |
|
$ |
69,326 |
|
$ |
139,608 |
|
$ |
147,597 |
|
$ |
262,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
|
|
|
|
|
Aircraft |
|
$ |
1,760 |
|
$ |
21,934 |
|
$ |
10,215 |
|
$ |
27,299 |
Engine |
|
|
9,595 |
|
|
28,219 |
|
|
19,199 |
|
|
54,229 |
|
|
|
11,355 |
|
|
50,153 |
|
|
29,414 |
|
|
81,528 |
TechOps |
|
|
|
|
|
|
|
|
|
|
|
|
MRO services |
|
|
7,241 |
|
|
4,554 |
|
|
13,186 |
|
|
10,805 |
Product sales |
|
|
1,168 |
|
|
623 |
|
|
1,555 |
|
|
1,827 |
Whole asset sales |
|
|
376 |
|
|
(350) |
|
|
376 |
|
|
7,523 |
|
|
|
8,785 |
|
|
4,827 |
|
|
15,117 |
|
|
20,155 |
Total |
|
$ |
20,140 |
|
$ |
54,980 |
|
$ |
44,531 |
|
$ |
101,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
December 31, 2022 |
Total assets |
|
|
|
|
|
|
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
|
$ |
348,619 |
|
$ |
233,034 |
Tech Ops |
|
|
|
|
|
|
|
|
157,894 |
|
|
141,406 |
Corporate |
|
|
|
|
|
|
|
|
43,423 |
|
|
157,139 |
|
|
|
|
|
|
|
|
$ |
549,936 |
|
$ |
531,579 |
|
| Summary of reconciliation segment gross profit to income before income tax provision |
The following table reconciles segment gross profit to (loss) income before income tax provision for the three months ended June 30, 2023 and 2022 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Segment gross profit |
|
$ |
20,140 |
|
$ |
54,980 |
|
$ |
44,531 |
|
$ |
101,683 |
Selling, general and administrative expenses |
|
|
(27,097) |
|
|
(23,503) |
|
|
(52,321) |
|
|
(47,269) |
Interest income (expense), net |
|
|
381 |
|
|
(183) |
|
|
1,428 |
|
|
(378) |
Other income, net |
|
|
138 |
|
|
116 |
|
|
371 |
|
|
481 |
Change in fair value of warrant liability |
|
|
1,393 |
|
|
1,382 |
|
|
1,059 |
|
|
148 |
(Loss) income before income tax provision |
|
$ |
(5,045) |
|
$ |
32,792 |
|
$ |
(4,932) |
|
$ |
54,665 |
|
| Summary of intersegment revenues |
Intersegment revenue for the three and six months ended June 30, 2023 and 2022, is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Asset Management Solutions |
|
$ |
164 |
|
$ |
3,117 |
|
$ |
1,074 |
|
$ |
3,181 |
TechOps |
|
|
6,432 |
|
|
5,598 |
|
|
10,190 |
|
|
12,603 |
Total intersegment revenues |
|
$ |
6,596 |
|
$ |
8,715 |
|
$ |
11,264 |
|
$ |
15,784 |
|