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Business Segment | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Business Segment | Business Segment The sale of the Company's Fleet and Federal and Defense segments allows VSE to focus on a long-term strategic growth strategy focused on higher margin and higher growth aftermarket parts distribution and MRO businesses. Following the sale of the Fleet Federal and Defense segments, management of the Company's business operations is conducted under a single reportable operating segment: Aviation. The Company's Aviation segment provides aftermarket MRO and distribution services to commercial, business and general aviation, cargo, military and defense, and rotorcraft customers globally. Core services include parts distribution, MRO services including engine components and accessories, fuel controls, avionics, pneumatics, hydraulics, wheel and brake, and rotable exchange and supply chain services. The operating segment reported below is the only segment for which separate financial information is available and for which segment results are evaluated regularly by the Company's President and Chief Executive Officer, who is the Chief Operating Decision Maker ("CODM"), in deciding how to allocate resources and in assessing performance. As the Company operates under a single reportable operating segment, the CODM evaluates segment performance based on net income (loss) and considers budget-to-actual, sequential period and prior period variances on a monthly basis when making decisions about allocating capital and personnel. The expenses listed below are viewed as significant segment expenses as part of the CODM’s evaluation. Net sales of the Company exclude intercompany sales as these activities are eliminated in consolidation. Corporate costs are primarily selling, general and administrative expenses not allocated to the Aviation segment. The Company's segment information is as follows (in thousands):
|  | Three months ended March 31,
|  | 2025 |  | 2024
Revenues |  | $ | 256,045 |  |  | $ | 162,383 |
Costs and operating expenses: |  |  |  |
Segment costs (a) |  | 210,018 |  |  | 130,933 |
Depreciation and amortization (b) |  | 9,166 |  |  | 4,933 |
Allocated corporate cost (c) |  | 5,337 |  |  | 4,207 |
Unallocated corporate costs |  | 7,020 |  |  | 6,667 |
Operating income |  | 24,504 |  |  | 15,643 |
Interest expense, net |  | 7,939 |  |  | 9,190 |
Provision for income taxes |  | 2,597 |  |  | 911 |
Loss from discontinued operations, net of tax |  | (22,941) |  |  | (12,153) |
Net loss |  | $ | (8,973) |  |  | $ | (6,611) |
(a) Segment costs consist of material, labor, overhead, and selling, general, and administrative costs attributable to the Aviation segment.
(b) This line item includes only depreciation and amortization attributable to the Aviation segment.
(c) Primarily includes costs for information technology, human resources, accounting, and legal support services allocated to the Aviation segment.
The Company's total assets are as follows (in thousands):
| March 31, |  | December 31,
| 2025 |  | 2024
Total assets: |  |  |
Aviation | $ | 1,448,556 |  |  | $ | 1,409,426 |
Corporate | 24,915 |  |  | 50,384 |
Assets held-for-sale | 259,511 |  |  | 282,820 |
Total assets | $ | 1,732,982 |  |  | $ | 1,742,630 |

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- Definition The entire disclosure for reporting segments including data and tables. 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