Segment Information

9 Months Ended

Dec. 31, 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 December 31,				Nine Months Ended December 31,
	2022		2021		2022		2021
Operating Revenues by Segment:
Overnight Air Cargo
Domestic	$	21,831	$	18,248	$	64,464	$	55,694
International	—		—		—		252
Total Overnight Air Cargo	21,831		18,248		64,464		55,946
Ground Equipment Sales:
Domestic	16,009		12,835		34,830		26,991
International	138		2,397		5,151		5,612
Total Ground Equipment Sales	16,147		15,232		39,981		32,603
Commercial Jet Engines and Parts:
Domestic	13,704		8,426		42,047		25,656
International	8,032		2,966		21,530		10,246
Total Commercial Jet Engines and Parts	21,736		11,392		63,577		35,902
Corporate and Other:
Domestic	565		456		2,092		920
International	1,117		105		2,832		269
Total Corporate and Other	1,682		561		4,924		1,189
Total	61,396		45,433		172,946		125,640
Operating Income (Loss):
Overnight Air Cargo	1,009		475		2,931		2,063
Ground Equipment Sales	1,093		1,463		3,122		2,929
Commercial Jet Engines and Parts	733		336		3,603		2,000
Corporate and Other	(2,700)		(2,249)		(8,509)		(6,268)
Total	135		25		1,147		724
Capital Expenditures:
Overnight Air Cargo	37		15		228		82
Ground Equipment Sales	16		97		32		114
Commercial Jet Engines and Parts	132		239		484		977
Corporate and Other	60		12		293		32
Total	245		363		1,037		1,205
Depreciation and Amortization:
Overnight Air Cargo	22		14		64		41
Ground Equipment Sales	35		81		130		145
Commercial Jet Engines and Parts	721		234		1,717		714
Corporate and Other	319		113		1,073		246
Total	$	1,097	$	442	$	2,984	$	1,146

The table below provides a reconciliation of operating income (loss) to Adjusted EBITDA by reportable segment for the nine months ended December 31, 2022 and 2021 (in thousands):

	Nine Months Ended December 31, 2022
	Overnight Air Cargo		Ground Equipment Sales		Commercial Jet Engines and Parts		Corporate and Other		Total
Operating income (loss)	$	2,931	$	3,122	$	3,603	$	(8,509)	$	1,147
Depreciation and amortization (excluding leased engines depreciation)	64		130		543		1,073		1,810
Asset impairment, restructuring or impairment charges	337		—		1,658		179		2,174
(Gain) Loss on sale of property and equipment	(1)		—		(2)		1		(2)
Securities expenses	—		—		—		38		38
Adjusted EBITDA	$	3,331	$	3,252	$	5,802	$	(7,218)	$	5,167

	Nine Months Ended December 31, 2021
	Overnight Air Cargo		Ground Equipment Sales		Commercial Jet Engines and Parts		Corporate and Other		Total
Operating income (loss)	$	2,063	$	2,929	$	2,000	$	(6,268)	$	724
Depreciation and amortization (excluding leased engines depreciation)	41		144		524		247		956
Loss on sale of property and equipment	2		1		—		—		3
Securities expenses	—		—		—		215		215
Adjusted EBITDA	$	2,106	$	3,074	$	2,524	$	(5,806)	$	1,898