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Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Summary of Selected Financial Information for Each Segment

Selected financial information for each segment is as follows:

		Year ended December 31, 2024
		Engine Services				Component Repair Services				Total Segments
		(in thousands)
Revenue from external customers		$	4,712,468			$	524,693			$	5,237,161
Intersegment revenue			(67,729	)			67,729				—
Total segment revenue			4,644,739				592,422				5,237,161
Other segment items (1)			4,033,833				437,688				4,471,521
Segment Adjusted EBITDA		$	610,906			$	154,734			$	765,640
Corporate (2)											75,108
Depreciation and amortization											188,164
Interest expense											282,507
Business transformation costs (LEAP and CFM) (6)											43,238
IPO-related costs											26,909
Refinancing costs											23,700
Loss on debt extinguishment											15,255
Stock compensation (4)											17,376
Integration costs and severance (3)											2,782
Acquisition costs (5)											1,374
Other (7)											7,470
Profit before tax										$	81,757

(1)Other segment items for each reportable segment primarily includes cost of sales and other selling general and administrative expenses.

(2)Corporate primarily consists of costs related to executive and staff functions, including Information Technology, Human Resources, Legal, Finance, Marketing, Corporate Supply Chain and Corporate Engineering Services finance, which benefit the enterprise as a whole. These costs are primarily related to the general management of these functions on a corporate level and the design and development of programs, policies, and procedures that are then implemented in the individual segments, with each segment bearing its own cost of implementation. The Corporate function also includes expenses associated with the Company's debt.

(3)Represents integration costs incurred, including any facility or platform consolidation associated with the integration of an acquisition that does not meet capitalization criteria and severance related to reduction in workforce or acquisitions. Examples of integration costs may include lease breakage or run-off fees, consulting costs, demolition costs or training costs.

(4)Represents non-cash stock compensation expense associated with awards issued under 2019 Long-Term Incentive Plan in connection with Carlyle’s ownership. Because those awards do not vest until a liquidity event, the Company did not begin recognizing any associated stock compensation expense until the Company’s IPO on October 2, 2024, when a liquidity event became probable.” See Note 19, “Stock Based Compensation”.

(5)Represents transaction costs incurred in connection with planned and completed acquisitions, including legal and professional fees, debt arrangement fees and other third-party costs.

(6)Represents new product industrialization costs with the business transformation of the LEAP 1A/1B engine line in San Antonio, Texas and the expansion of our CFM56 capabilities into Dallas, Texas.

(7)Represents quarterly management fees payable to Carlyle Investment Management L.L.C. and Beamer Investment Inc. under consulting services agreements, representation and warranty insurance costs associated with acquisitions, that are the result of other, non-comparable events to measure operating performance as these events arise outside of our ordinary course of continuing operations. See Note 17, "Related Party Transactions" for descriptions of the consulting services agreements with Carlyle Investment Management L.L.C. and Beamer Investment Inc.

		Year ended December 31, 2023
		Engine Services				Component Repair Services				Total Segments
		(in thousands)
Revenue from external customers		$	4,097,621			$	465,663			$	4,563,284
Intersegment revenue			(47,753	)			47,753				—
Total segment revenue			4,049,868				513,416				4,563,284
Other segment items (1)			3,530,757				388,108				3,918,865
Segment Adjusted EBITDA		$	519,111			$	125,308			$	644,419
Corporate (2)											83,301
Depreciation and amortization											197,104
Interest expense											309,645
Business transformation costs (LEAP and CFM) (5)											11,363
Refinancing costs											19,921
Loss on debt extinguishment											6,182
Integration costs and severance (3)											1,374
Acquisition costs (4)											1,514
Other (6)											8,896
Profit before tax										$	5,119

(1)Other segment items for each reportable segment primarily includes cost of sales and other selling general and administrative expenses.

(2)Corporate primarily consists of costs related to executive and staff functions, including Information Technology, Human Resources, Legal, Finance, Marketing, Corporate Supply Chain and Corporate Engineering Services finance, which benefit the enterprise as a whole. These costs are primarily related to the general management of these functions on a corporate level and the design and development of programs, policies, and procedures that are then implemented in the individual segments, with each segment bearing its own cost of implementation. The Corporate function also includes expenses associated with the Company's debt.

(3)Represents integration costs incurred, including any facility or platform consolidation associated with the integration of an acquisition that does not meet capitalization criteria and severance related to reduction in workforce or acquisitions. Examples of integration costs may include lease breakage or run-off fees, consulting costs, demolition costs or training costs.

(4)Represents transaction costs incurred in connection with planned and completed acquisitions, including legal and professional fees, debt arrangement fees and other third-party costs.

(5)Represents new product industrialization costs with the business transformation of the LEAP 1A/1B engine line in San Antonio, Texas and the expansion of our CFM56 capabilities into Dallas, Texas.

(6)Represents quarterly management fees payable to Carlyle Investment Management L.L.C. and Beamer Investment Inc. under consulting services agreements, representation and warranty insurance costs associated with acquisitions, that are the result of other, non-comparable events to measure operating performance as these events arise outside of our ordinary course of continuing operations. See Note 17, "Related Party Transactions" for descriptions of the consulting services agreements with Carlyle Investment Management L.L.C. and Beamer Investment Inc.

		Year ended December 31, 2022
		Engine Services				Component Repair Services				Total Segments
		(in thousands)
Revenue from external customers		$	3,765,744			$	384,734			$	4,150,478
Intersegment revenue			(42,431	)			42,431				—
Total segment revenue			3,723,313				427,165				4,150,478
Other segment items (1)			3,275,628				330,488				3,606,116
Segment Adjusted EBITDA		$	447,685			$	96,677			$	544,362
Corporate (2)											68,931
Depreciation and amortization											195,223
Interest expense											242,987
Integration costs and severance (3)											4,717
Acqusition costs (4)											1,282
Other (5)											9,226
Profit before tax										$	21,996

(1)Other segment items for each reportable segment primarily includes cost of sales and other selling general and administrative expenses.

(2)Corporate primarily consists of costs related to executive and staff functions, including Information Technology, Human Resources, Legal, Finance, Marketing, Corporate Supply Chain and Corporate Engineering Services finance, which benefit the enterprise as a whole. These costs are primarily related to the general management of these functions on a corporate level and the design and development of programs, policies, and procedures that are then implemented in the individual segments, with each segment bearing its own cost of implementation. The Corporate function also includes expenses associated with the Company's debt.

(3)Represents integration costs incurred, including any facility or platform consolidation associated with the integration of an acquisition that does not meet capitalization criteria and severance related to reduction in workforce or acquisitions. Examples of integration costs may include lease breakage or run-off fees, consulting costs, demolition costs or training costs.

(4)Represents transaction costs incurred in connection with planned and completed acquisitions, including legal and professional fees, debt arrangement fees and other third-party costs.

(5)Represents quarterly management fees payable to Carlyle Investment Management L.L.C. and Beamer Investment Inc. under consulting services agreements, representation and warranty insurance costs associated with acquisitions, that are the result of other, non-comparable events to measure operating performance as these events arise outside of our ordinary course of continuing operations. See Note 17, "Related Party Transactions" for descriptions of the consulting services agreements with Carlyle Investment Management L.L.C. and Beamer Investment Inc.

Summary of Revenues from External Customers by Geographic Area

The following table presents revenues from external customers by geographic area based on location of the customer:

		Year ended December 31,
		2024				2023				2022
		(in thousands)
United States		$	3,073,521			$	2,862,358			$	2,467,871
United Kingdom			604,292				453,886				528,620
Canada			591,232				372,578				434,714
Rest of Europe (1)			402,111				360,258				292,300
Asia (1)			233,738				209,736				184,301
Rest of the world (1)			332,267				304,468				242,672
Total revenue		$	5,237,161			$	4,563,284			$	4,150,478

(1)Countries grouped within Rest of Europe, Asia, and Rest of world are individually immaterial as compared to total revenue with no country representing more than 3% of total revenue for the years ended December 31, 2024, 2023, and 2022.

Summary of Long-Lived Assets by Geographic Areas

The following table presents long-lived assets by geographic area:

		As of December 31,
		2024				2023
		(in thousands)
United States		$	418,990			$	356,098
Canada			160,883				172,994
United Kingdom			107,659				108,879
France			17,625				18,512
Singapore			14,758				16,370
Rest of the world			20,898				17,829
Total long-lived assets		$	740,813			$	690,682

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- Definition

Tabular disclosure of long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets.

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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