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, | | 2023 | | 2022 | | 2023 | | 2022 | Operating Revenues by Segment: | | | | | | | | Overnight Air Cargo | | | | | | | | Domestic | $ | 28,818 | | | $ | 21,831 | | | $ | 84,054 | | | $ | 64,464 | | International | 200 | | | — | | | 890 | | | — | | Total Overnight Air Cargo | 29,018 | | | 21,831 | | | 84,944 | | | 64,464 | | Ground Equipment Sales: | | | | | | | | Domestic | 8,178 | | | 16,009 | | | 28,709 | | | 34,830 | | International | 263 | | | 138 | | | 3,765 | | | 5,151 | | Total Ground Equipment Sales | 8,441 | | | 16,147 | | | 32,474 | | | 39,981 | | Commercial Jet Engines and Parts: | | | | | | | | Domestic | 15,967 | | | 13,704 | | | 66,698 | | | 42,047 | | International | 8,172 | | | 8,032 | | | 23,765 | | | 21,530 | | Total Commercial Jet Engines and Parts | 24,139 | | | 21,736 | | | 90,463 | | | 63,577 | | Corporate and Other: | | | | | | | | Domestic | 935 | | | 565 | | | 2,873 | | | 2,092 | | International | 1,223 | | | 1,117 | | | 3,400 | | | 2,832 | | Total Corporate and Other | 2,158 | | | 1,682 | | | 6,273 | | | 4,924 | | Total | 63,756 | | | 61,396 | | | 214,154 | | | 172,946 | | | | | | | | | | Operating Income (Loss): | | | | | | | | Overnight Air Cargo | 1,594 | | | 1,009 | | | 5,568 | | | 2,931 | | Ground Equipment Sales | (522) | | | 1,093 | | | (619) | | | 3,122 | | Commercial Jet Engines and Parts | (627) | | | 733 | | | 2,002 | | | 3,603 | | Corporate and Other | (2,053) | | | (2,700) | | | (7,140) | | | (8,509) | | Total | (1,608) | | | 135 | | | (189) | | | 1,147 | | | | | | | | | | Capital Expenditures: | | | | | | | | Overnight Air Cargo | 60 | | | 37 | | | 263 | | | 228 | | Ground Equipment Sales | 24 | | | 16 | | | 82 | | | 32 | | Commercial Jet Engines and Parts | 24 | | | 132 | | | 166 | | | 484 | | Corporate and Other | 12 | | | 60 | | | 167 | | | 293 | | Total | 120 | | | 245 | | | 678 | | | 1,037 | | | | | | | | | | Depreciation and Amortization: | | | | | | | | Overnight Air Cargo | 95 | | | 22 | | | 269 | | | 64 | | Ground Equipment Sales | 37 | | | 35 | | | 107 | | | 130 | | Commercial Jet Engines and Parts | 185 | | | 721 | | | 565 | | | 1,717 | | Corporate and Other | 382 | | | 319 | | | 1,147 | | | 1,073 | | Total | $ | 699 | | | $ | 1,097 | | | $ | 2,088 | | | $ | 2,984 | |
The table below provides a reconciliation of operating income (loss) to Adjusted EBITDA for the nine months ended December 31, 2023 and 2022 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended December 31, 2023 | | | | | | | | | | Total | Operating loss | | | | | | | | | $ | (189) | | Depreciation and amortization (excluding leased engines depreciation) | | | | | | | | | 2,088 | | Asset impairment, restructuring or impairment charges | | | | | | | | | 326 | | Gain on sale of property and equipment | | | | | | | | | (7) | | TruPs issuance expenses | | | | | | | | | 277 | | Adjusted EBITDA | | | | | | | | | $ | 2,495 | |
| | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended December 31, 2022 | | | | | | | | | | Total | Operating income | | | | | | | | | $ | 1,147 | | Depreciation and amortization (excluding leased engines depreciation) | | | | | | | | | 1,810 | | Asset impairment, restructuring or impairment charges | | | | | | | | | 2,174 | | Gain on sale of property and equipment | | | | | | | | | (2) | | TruPs issuance expenses | | | | | | | | | 38 | | Adjusted EBITDA | | | | | | | | | $ | 5,167 | |
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