Segment Information

3 Months Ended

Jun. 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 June 30,
	2022		2021
Operating Revenues by Segment:
Overnight Air Cargo
Domestic	$	20,564	$	18,768
International	—		83
Total Overnight Air Cargo	20,564		18,851
Ground Equipment Sales:
Domestic	3,907		5,978
International	1,908		2,204
Total Ground Equipment Sales	5,815		8,182
Commercial Jet Engines and Parts:
Domestic	16,732		6,769
International	6,123		2,825
Total Commercial Jet Engines and Parts	22,855		9,594
Corporate and Other:
Domestic	749		254
International	879		87
Total Corporate and Other	1,628		341
Total	50,862		36,968
Operating Income (Loss):
Overnight Air Cargo	1,077		732
Ground Equipment Sales	142		1,423
Commercial Jet Engines and Parts	3,074		(238)
Corporate and Other	(3,459)		(1,921)
Total	834		(4)
Capital Expenditures:
Overnight Air Cargo	99		23
Ground Equipment Sales	9		13
Commercial Jet Engines and Parts	74		92
Corporate and Other	189		8
Total	371		136
Depreciation and Amortization:
Overnight Air Cargo	20		13
Ground Equipment Sales	49		32
Commercial Jet Engines and Parts	434		265
Corporate and Other	358		70
Total	$	861	$	380

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

	Three Months Ended June 30, 2022
	Overnight Air Cargo		Ground Equipment Sales		Commercial Jet Engines and Parts		Corporate and Other		Total
Operating income (loss)	$	1,077	$	142	$	3,074	$	(3,459)	$	834
Depreciation and amortization (excluding leased engines depreciation)	19		49		179		358		605
Gain on sale of property and equipment	—		—		(2)		—		(2)
Security issuance expenses	—		—		—		15		15
Adjusted EBITDA	$	1,096	$	191	$	3,251	$	(3,086)	$	1,452

	Three Months Ended June 30, 2021
	Overnight Air Cargo		Ground Equipment Sales		Commercial Jet Engines and Parts		Corporate and Other		Total
Operating income (loss)	$	732	$	1,423	$	(238)	$	(1,921)	$	(4)
Depreciation and amortization (excluding leased engines depreciation)	13		32		164		70		279
Loss on sale of property and equipment	2		1		—		—		3
Security issuance expenses	—		—		—		5		5
Adjusted EBITDA	$	747	$	1,456	$	(74)	$	(1,846)	$	283