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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Summary of Selected Financial Information for Each Segment | Selected financial information for each segment is as follows:
|  | Three months ended March 31, 2025 |
|  | Engine Services |  |  | Component Repair Services |  |  | Total Segments |
|  | (in thousands) |
Revenue from external customers |  | $ | 1,286,276 |  |  | $ | 149,312 |  |  | $ | 1,435,588 |
Intersegment revenue |  |  | (17,963 | ) |  |  | 17,963 |  |  |  | — |
Total segment revenue |  |  | 1,268,313 |  |  |  | 167,275 |  |  |  | 1,435,588 |
Other segment items (1) |  |  | 1,094,304 |  |  |  | 119,914 |  |  |  | 1,214,218 |
Segment Adjusted EBITDA |  | $ | 174,009 |  |  | $ | 47,361 |  |  | $ | 221,370 |
Corporate (2) |  |  |  |  |  |  |  |  | 23,143 |
Depreciation and amortization |  |  |  |  |  |  |  |  | 48,676 |
Interest expense |  |  |  |  |  |  |  |  | 43,791 |
Business transformation costs (LEAP and CFM) (3) |  |  |  |  |  |  |  |  | 12,917 |
Stock compensation (4) |  |  |  |  |  |  |  |  | 2,045 |
Integration costs and severance (5) |  |  |  |  |  |  |  |  | 1,380 |
Other (6) |  |  |  |  |  |  |  |  | 4,286 |
Profit before tax |  |  |  |  |  |  |  | $ | 85,132 |
(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 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. (4) Represents non-cash stock compensation expense associated with awards issued under the 2019 Long-Term Incentive Plan in connection with Carlyle’s ownership. (5) 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. (6) Represents professional fees related to business transformation, secondary offering costs, and 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 13, "Related Party Transactions” for descriptions of the consulting services agreements with Carlyle Investment Management L.L.C. and Beamer Investment Inc.
|  | Three months ended March 31, 2024 |
|  | Engine Services |  |  | Component Repair Services |  |  | Total Segments |
|  | (in thousands) |
Revenue from external customers |  | $ | 1,111,719 |  |  | $ | 124,004 |  |  | $ | 1,235,723 |
Intersegment revenue |  |  | (14,327 | ) |  |  | 14,327 |  |  |  | — |
Total segment revenue |  |  | 1,097,392 |  |  |  | 138,331 |  |  |  | 1,235,723 |
Other segment items (1) |  |  | 947,398 |  |  |  | 102,549 |  |  |  | 1,049,947 |
Segment Adjusted EBITDA |  | $ | 149,994 |  |  | $ | 35,782 |  |  | $ | 185,776 |
Corporate (2) |  |  |  |  |  |  |  |  | 20,208 |
Depreciation and amortization |  |  |  |  |  |  |  |  | 47,377 |
Interest expense |  |  |  |  |  |  |  |  | 77,548 |
Business transformation costs (LEAP and CFM) (3) |  |  |  |  |  |  |  |  | 10,244 |
Refinancing costs |  |  |  |  |  |  |  |  | 4,283 |
Loss on debt extinguishment |  |  |  |  |  |  |  |  | 3,577 |
Integration costs and severance (4) |  |  |  |  |  |  |  |  | 290 |
Other (5) |  |  |  |  |  |  |  |  | 2,150 |
Profit before tax |  |  |  |  |  |  |  | $ | 20,099 |
(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 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. (4) 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. (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 13, “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:
|  | Three months ended March 31, |
|  | 2025 |  |  | 2024 |
|  | (in thousands) |
United States |  | $ | 834,659 |  |  | $ | 715,784 |
United Kingdom |  |  | 134,577 |  |  |  | 156,422 |
Canada |  |  | 176,054 |  |  |  | 125,554 |
Rest of Europe (1) |  |  | 117,447 |  |  |  | 95,948 |
Asia (1) |  |  | 82,474 |  |  |  | 62,107 |
Rest of the world (1) |  |  | 90,377 |  |  |  | 79,908 |
Total revenue |  | $ | 1,435,588 |  |  | $ | 1,235,723 |
(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 three months ended March 31, 2025 and 2024.

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- Definition Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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