XML 47 R40.htm IDEA: XBRL DOCUMENT

Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

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)

(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)

(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.