Segment Information

6 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company has four business segments: overnight air cargo, ground equipment sales, commercial jet engine and parts segment and corporate and other. Segment data is summarized as follows (in thousands):

(In Thousands)	Three Months Ended September 30,				Six Months Ended September 30,
	2022		2021		2022		2021
Operating Revenues by Segment:
Overnight Air Cargo
Domestic	$	22,069	$	18,607	$	42,633	$	37,375
International	—		240		—		322
Total Overnight Air Cargo	22,069		18,847		42,633		37,697
Ground Equipment Sales:
Domestic	14,913		8,178		18,821		14,156
International	3,106		1,011		5,013		3,215
Total Ground Equipment Sales	18,019		9,189		23,834		17,371
Commercial Jet Engines and Parts:
Domestic	11,611		10,461		28,343		17,230
International	7,375		4,455		13,498		7,280
Total Commercial Jet Engines and Parts	18,986		14,916		41,841		24,510
Corporate and Other:
Domestic	778		210		1,526		464
International	836		76		1,716		164
Total Corporate and Other	1,614		286		3,242		628
Total	60,688		43,238		111,550		80,206
Operating Income (Loss):
Overnight Air Cargo	845		857		1,922		1,589
Ground Equipment Sales	1,887		43		2,029		1,465
Commercial Jet Engines and Parts	(204)		1,902		2,870		1,664
Corporate and Other	(2,349)		(2,098)		(5,809)		(4,019)
Total	179		704		1,012		699
Capital Expenditures:
Overnight Air Cargo	92		44		191		68
Ground Equipment Sales	6		4		16		17
Commercial Jet Engines and Parts	278		646		352		738
Corporate and Other	43		12		232		19
Total	419		706		791		842
Depreciation and Amortization:
Overnight Air Cargo	23		14		42		27
Ground Equipment Sales	46		32		95		64
Commercial Jet Engines and Parts	563		214		996		479
Corporate and Other	394		62		755		133
Total	$	1,026	$	322	$	1,888	$	703

The table below provides a reconciliation of operating income (loss) to Adjusted EBITDA by reportable segment for the six months ended September 30, 2022 and 2021 (in thousands):

	Six Months Ended September 30, 2022
	Overnight Air Cargo		Ground Equipment Sales		Commercial Jet Engines and Parts		Corporate and Other		Total
Operating income (loss)	$	1,922	$	2,029	$	2,870	$	(5,809)	$	1,012
Depreciation and amortization (excluding leased engines depreciation)	42		95		360		755		1,252
Asset impairment, restructuring or impairment charges	337		—		1,020		179		1,536
Gain on sale of property and equipment	(1)		—		(2)		1		(2)
Security expenses	—		—		—		34		34
Adjusted EBITDA	$	2,300	$	2,124	$	4,248	$	(4,840)	$	3,832

	Six Months Ended September 30, 2021
	Overnight Air Cargo		Ground Equipment Sales		Commercial Jet Engines and Parts		Corporate and Other		Total
Operating income (loss)	$	1,589	$	1,465	$	1,664	$	(4,019)	$	699
Depreciation and amortization (excluding leased engines depreciation)	27		64		360		133		584
Loss on sale of property and equipment	1		2		—		—		3
Security expenses	—		—		—		65		65
Adjusted EBITDA	$	1,617	$	1,531	$	2,024	$	(3,821)	$	1,351