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Acquisitions (Tables)

12 Months Ended

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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- Definition

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+ References

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Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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