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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2024
Aero Turbine, Inc. |
Business Acquisition [Line Items] |
Summary of Purchase Price Based on Fair Values of Assets Acquired and Liabilities Assumed | The Company has provisionally allocated the purchase price based on the fair values of the assets acquired and liabilities assumed at the Aero Turbine acquisition date as follows:
|  | August 23, 2024 |
|  | (in thousands) |
Cash |  | $ | 2,765 |
Accounts receivable |  |  | 4,066 |
Contract assets |  |  | 12,419 |
Inventories |  |  | 10,213 |
Prepaid expenses and other current assets |  |  | 2,517 |
Property, plant and equipment |  |  | 5,883 |
Operating lease right of use asset |  |  | 999 |
Customer relationships |  |  | 75,000 |
Goodwill |  |  | 53,440 |
Total assets acquired |  |  | 167,302 |
Accounts payable |  |  | 5,353 |
Accrued and other current liabilities |  |  | 7,913 |
Contract liabilities |  |  | 1,205 |
Current portion operating lease liabilities |  |  | 111 |
Income taxes payable |  |  | 4,901 |
Long-term portion operating lease liabilities |  |  | 899 |
Deferred income tax liabilities |  |  | 14,932 |
Total liabilities assumed |  |  | 35,314 |
Net assets acquired |  |  | 131,988 |
Cash acquired |  |  | 2,765 |
Purchase price, net of cash acquired |  | $ | 129,223 |
Summary of Proforma Information | The following reflects the pro forma impact of the purchase of Aero Turbine on the Company’s results of operations giving effect of the transaction if it had taken place on January 1, 2023:
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |
| (in thousands) |
| (Unaudited) |
Revenue |  | $ | 5,295,976 |  |  | $ | 4,625,301 |
Net income (loss) |  |  | 26,273 |  |  |  | (26,699 | )
Western Jet Aviation |
Business Acquisition [Line Items] |
Summary of Purchase Price Based on Fair Values of Assets Acquired and Liabilities Assumed | The Company allocated the purchase price based on the fair values of the assets acquired and liabilities assumed at the Western Jet acquisition date as follows:
|  | February 2, 2023 |
|  | (in thousands) |
Cash |  | $ | 1,379 |
Accounts receivable |  |  | 7,022 |
Contract assets |  |  | 4,485 |
Inventories |  |  | 2,543 |
Prepaid expenses and other current assets |  |  | 987 |
Property, plant and equipment |  |  | 2,843 |
Operating lease right of use asset |  |  | 9,013 |
Intangible assets |  |  | 447 |
Goodwill |  |  | 23,493 |
Deferred income taxes |  |  | 2,812 |
Total assets acquired |  |  | 55,024 |
Accounts payable |  |  | 1,845 |
Accrued and other current liabilities |  |  | 3,254 |
Contract liabilities |  |  | 8,220 |
Current portion operating lease liabilities |  |  | 1,072 |
Long-term portion operating lease liabilities |  |  | 7,941 |
Total liabilities assumed |  |  | 22,332 |
Net assets acquired |  |  | 32,692 |
Cash acquired |  |  | 1,379 |
Purchase price, net of cash acquired |  | $ | 31,313 |
Summary of Proforma Information | The following reflects the pro forma impact of the purchase of Western Jet on the Company’s results of operations giving effect of the transaction if it had taken place on January 1, 2022:
|  | Year ended December 31, |
|  | 2023 |  |  | 2022 |
| (in thousands) |
| (Unaudited) |
Revenue |  | $ | 4,566,423 |  |  | $ | 4,185,887 |
Net loss |  |  | (33,372 | ) |  |  | (22,111 | )
EB Airfoils, LLC |
Business Acquisition [Line Items] |
Summary of Purchase Price Based on Fair Values of Assets Acquired and Liabilities Assumed | The Company allocated the purchase price based on the fair values of the assets acquired and liabilities assumed at the EB Airfoils acquisition date as follows:
|  | May 12, 2022 |
|  | (in thousands) |
Accounts receivable |  | $ | 2,064 |
Inventories |  |  | 133 |
Prepaid expenses and other current assets |  |  | 5 |
Property, plant and equipment |  |  | 1,694 |
Operating lease right of use asset |  |  | 550 |
Goodwill |  |  | 17,209 |
Total assets acquired |  |  | 21,655 |
Accounts payable |  |  | 181 |
Accrued and other current liabilities |  |  | 1,243 |
Current portion operating lease liabilities |  |  | 168 |
Long-term portion operating lease liabilities |  |  | 382 |
Total liabilities assumed |  |  | 1,974 |
Net assets acquired |  |  | 19,681 |
Cash acquired |  |  | — |
Purchase price, net of cash acquired |  | $ | 19,681 |
Summary of Proforma Information | The following reflects the pro forma impact of the purchase of EB Airfoils on the Company’s results of operations giving effect of the transaction if it had taken place on January 1, 2021:
|  | Year ended December 31, |
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
|  | (Unaudited) |
Revenue |  | $ | 4,153,664 |  |  | $ | 3,490,304 |
Net loss |  |  | (20,660 | ) |  |  | (27,793 | )

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