v3.25.4
Business Segment and Customer Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]  
Business Segment and Customer Information Business Segment and Customer Information
Segment Information

Following the sales of the Company's Fleet and Federal and Defense segments, the Company manages its business as a single reportable and operating segment focused on higher margin and higher growth aftermarket parts distribution and MRO activities. The Company's single operating segment provides aftermarket MRO and distribution services to commercial, business and general aviation, cargo, military and defense, and rotorcraft customers globally. Core services include parts distribution, MRO services including engine components and accessories, fuel controls, avionics, pneumatics, hydraulics, wheel and brake, as well as rotable exchange and supply chain services.

The operating segment presented below represents the Company's only segment for which discrete financial information is available and is the basis on which operating results are regularly reviewed by the Company's President and Chief Executive Officer, who serves as the Chief Operating Decision Maker ("CODM"), for purposes of resource allocation and performance assessment. The CODM evaluates segment performance based on consolidated net income as the measure of segment profit or loss and considers budget-to-actual results, sequential period and prior period comparisons on a monthly basis when making decisions regarding capital and personnel allocation. The expenses presented below represent significant segment expenses that are regularly provided to and considered by the CODM in evaluating segment performance. Segment assets are reported on the consolidated balance sheets as total assets.

The Company's segment information is as follows (in thousands):
For the years ended December 31,
202520242023
Revenues$1,112,275 $786,256 $544,020 
Costs and operating expenses:
Segment costs (a)
900,759 641,298 431,412 
Depreciation and amortization (b)
39,160 25,500 16,080 
Allocated corporate cost (c)
24,020 18,071 12,411 
Unallocated corporate costs (d)
58,741 42,631 33,972 
    Total costs and operating expenses
1,022,680 727,500 493,875 
Operating income
89,595 58,756 50,145 
Interest expense, net20,556 34,947 31,085 
Provision for income taxes
15,546 4,407 4,495 
(Loss) income from discontinued operations, net of tax
(41,790)(4,078)24,569 
Net income
$11,703 $15,324 $39,134 
(a) Segment costs consist of material, labor, overhead, and selling, general, and administrative costs attributable to the Aviation segment.
(b) This line item includes only depreciation and amortization attributable to the Aviation segment.
(c) Primarily includes costs for information technology, human resources, accounting, and legal support services allocated to the Aviation segment.
(d) Primarily includes earn-out receivable fair value adjustments and corporate costs for acquisition, integration and restructuring activities.

Customer and Geographical Information

The Company's revenues are derived from the delivery of products and services performed for commercial and government customers. Customers also include various other commercial entities and government agencies. See Note (4) "Revenue Recognition" for revenue by customer. Revenues from a group of affiliated customers under common ownership represented 20%, 21%, and 14% of consolidated revenues for the years ended December 31, 2025, 2024 and 2023, respectively.
Revenue by geography is based on the billing address of the customer. Revenue by geographic area is as follows (in thousands):
 For the years ended December 31,
 202520242023
United States$629,665 $492,297 $340,915 
Canada
149,034 107,305 72,448 
Other Countries (a)
333,576 186,654 130,657 
Total revenue$1,112,275 $786,256 $544,020 
(a) No individual country, other than disclosed above, exceeded 10% of the Company's total revenue for any period presented.