VSE (VSEC) 10-Q 28 Jul 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Jul. 22, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	000-03676
Entity Registrant Name	VSE CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	54-0649263
Entity Address, Address Line One	6348 Walker Lane
Entity Address, City or Town	Alexandria,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22310
City Area Code	703
Local Phone Number	960-4600
Title of 12(b) Security	Common Stock, par value $0.05 per share
Trading Symbol	VSEC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		12,794,421
Entity Central Index Key	0000102752
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 371	$ 518
Receivables (net of allowance of $3.5 million and $1.7 million, respectively)	102,194	76,587
Unbilled receivables	41,310	31,882
Inventories	337,753	322,702
Other current assets	24,958	32,304
Total current assets	506,586	463,993
Property and equipment (net of accumulated depreciation of $70 million and $66 million, respectively)	42,237	42,486
Intangible assets (net of accumulated amortization of $116 million and $135 million, respectively)	99,090	108,263
Goodwill	248,837	248,753
Operating lease - right-of-use assets	25,241	27,327
Other assets	25,232	27,736
Total assets	947,223	918,558
Current liabilities:
Current portion of long-term debt	14,162	14,162
Accounts payable	112,935	115,064
Accrued expenses and other current liabilities	48,226	49,465
Dividends payable	1,279	1,273
Total current liabilities	176,602	179,964
Long-term debt, less current portion	294,448	270,407
Deferred compensation	11,977	14,328
Long-term operating lease obligations	24,537	27,168
Deferred tax liabilities	8,376	9,108
Other long-term liabilities	0	250
Total liabilities	515,940	501,225
Commitments and contingencies (Note 6)
Stockholders' equity:
Common stock, par value $0.05 per share, authorized 23,000,000 shares; issued and outstanding 12,794,421 and 12,726,659, respectively	640	636
Additional paid-in capital	91,051	88,515
Retained earnings	339,592	328,358
Accumulated other comprehensive loss	0	(176)
Total stockholders' equity	431,283	417,333
Total liabilities and stockholders' equity	$ 947,223	$ 918,558

Unaudited Consolidated Balanc_2

Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Stockholders' equity:
Allowance for credit loss	$ 3,500	$ 1,700
Accumulated amortization	(116,000)	(135,000)
Accumulated depreciation	$ (70,000)	$ (66,000)
Common stock, par value (in dollars per share)	$ 0.05	$ 0.05
Common stock, authorized (in shares)	23,000,000	23,000,000
Common stock, issued (in shares)	12,794,421	12,726,659
Common stock, outstanding (in shares)	12,794,421	12,726,659

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Total revenues	$ 241,713	$ 175,112	$ 472,952	$ 340,093
Costs and operating expenses:
Selling, general and administrative expenses	865	1,050	1,771	1,088
Amortization of intangible assets	4,437	4,603	9,173	8,891
Total costs and operating expenses	227,562	187,826	446,887	343,204
Operating income (loss)	14,151	(12,714)	26,065	(3,111)
Interest expense, net	3,872	2,666	7,481	5,696
Income (loss) before income taxes	10,279	(15,380)	18,584	(8,807)
Provision for income taxes	2,731	(3,014)	4,792	(1,552)
Net income (loss)	$ 7,548	$ (12,366)	$ 13,792	$ (7,255)
Basic earnings per share (in dollars per share)	$ 0.59	$ (0.97)	$ 1.08	$ (0.59)
Basic weighted average shares outstanding (in shares)	12,778,355	12,702,366	12,760,026	12,391,166
Diluted earnings per share (in dollars per share)	$ 0.59	$ (0.97)	$ 1.08	$ (0.59)
Diluted weighted average shares outstanding (in shares)	12,811,078	12,702,366	12,807,249	12,391,166
Dividends declared per share (in dollars per share)	$ 0.10	$ 0.09	$ 0.20	$ 0.18
Products
Revenues:
Total revenues	$ 143,576	$ 84,463	$ 280,807	$ 163,043
Costs and operating expenses:
Costs and operating expenses	130,978	101,325	253,433	172,037
Services
Revenues:
Total revenues	98,137	90,649	192,145	177,050
Costs and operating expenses:
Costs and operating expenses	$ 91,282	$ 80,848	$ 182,510	$ 161,188

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 7,548	$ (12,366)	$ 13,792	$ (7,255)
Change in fair value of interest rate swap agreements, net of tax	0	152	176	663
Other comprehensive income, net of tax	0	152	176	663
Comprehensive income (loss)	$ 7,548	$ (12,214)	$ 13,968	$ (6,592)

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Balance, beginning balance (in shares) at Dec. 31, 2020		11,055,000
Balance, beginning balance at Dec. 31, 2020	$ 356,317	$ 553	$ 31,870	$ 325,097	$ (1,203)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(7,255)			(7,255)
Issuance of common stock (in shares)		1,599,000
Issuance of common stock	52,017	$ 80	51,937
Stock-based compensation (in shares)		50,000
Stock-based compensation	2,039	$ 2	2,037
Other comprehensive income, net of tax	663				663
Dividends declared	(2,287)			(2,287)
Balance, ending balance (in shares) at Jun. 30, 2021		12,704,000
Balance, ending balance at Jun. 30, 2021	401,494	$ 635	85,844	315,555	(540)
Balance, beginning balance (in shares) at Mar. 31, 2021		12,691,000
Balance, beginning balance at Mar. 31, 2021	414,303	$ 635	85,296	329,064	(692)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(12,366)			(12,366)
Stock-based compensation (in shares)		13,000
Stock-based compensation	548	$ 0	548
Other comprehensive income, net of tax	152				152
Dividends declared	(1,143)			(1,143)
Balance, ending balance (in shares) at Jun. 30, 2021		12,704,000
Balance, ending balance at Jun. 30, 2021	$ 401,494	$ 635	85,844	315,555	(540)
Balance, beginning balance (in shares) at Dec. 31, 2021	12,726,659	12,727,000
Balance, beginning balance at Dec. 31, 2021	$ 417,333	$ 636	88,515	328,358	(176)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	13,792			13,792
Stock-based compensation (in shares)		68,000
Stock-based compensation	2,540	$ 4	2,536
Other comprehensive income, net of tax	176				176
Dividends declared	$ (2,558)			(2,558)
Balance, ending balance (in shares) at Jun. 30, 2022	12,794,421	12,795,000
Balance, ending balance at Jun. 30, 2022	$ 431,283	$ 640	91,051	339,592	0
Balance, beginning balance (in shares) at Mar. 31, 2022		12,769,000
Balance, beginning balance at Mar. 31, 2022	423,792	$ 638	89,830	333,324	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	7,548			7,548
Stock-based compensation (in shares)		26,000
Stock-based compensation	1,223		1,221
Other comprehensive income, net of tax	0				0
Dividends declared	$ (1,280)			(1,280)
Balance, ending balance (in shares) at Jun. 30, 2022	12,794,421	12,795,000
Balance, ending balance at Jun. 30, 2022	$ 431,283	$ 640	$ 91,051	$ 339,592	$ 0

Unaudited Consolidated Statem_4

Unaudited Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.10	$ 0.09	$ 0.20	$ 0.18

Unaudited Consolidated Statem_5

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 13,792	$ (7,255)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,850	12,267
Deferred taxes	(790)	(3,872)
Stock-based compensation	2,675	2,256
Inventory valuation adjustment	1,094	24,420
Changes in operating assets and liabilities, net of impact of acquisitions:
Receivables	(25,607)	(17,558)
Unbilled receivables	(9,428)	(4,378)
Inventories	(16,145)	(45,157)
Other current assets and noncurrent assets	8,884	(16,693)
Accounts payable and deferred compensation	(4,848)	(8,017)
Accrued expenses and other current and noncurrent liabilities	(2,615)	10,019
Net cash used in operating activities	(20,138)	(53,968)
Cash flows from investing activities:
Purchases of property and equipment	(2,746)	(5,158)
Proceeds from the sale of property and equipment	0	14
Proceeds from payments on notes receivable	3,073	1,138
Cash paid for acquisitions, net of cash acquired	0	(14,785)
Net cash provided by (used in) investing activities	327	(18,791)
Cash flows from financing activities:
Borrowings on loan agreement	236,194	258,497
Repayments on loan agreement	(212,572)	(234,976)
Proceeds from issuance of common stock	486	52,017
Earn-out obligation payments	(1,000)	0
Payments of taxes for equity transactions	(892)	(681)
Dividends paid	(2,552)	(2,139)
Net cash provided by financing activities	19,664	72,718
Net decreases in cash and cash equivalents	(147)	(41)
Cash and cash equivalents at beginning of period	518	378
Cash and cash equivalents at end of period	$ 371	$ 337

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Nature of Operations and Basis of Presentation	Nature of Operations and Basis of Presentation Nature of Operations VSE Corporation (“VSE,” the “Company,” “we,” “us,” or “our”) is a diversified aftermarket products and services company providing repair services, parts distribution, logistics, supply chain management and consulting services for land, sea and air transportation assets to commercial and government markets. Our operations are conducted under three reporting units aligned with our operating segments: (1) Aviation; (2) Fleet; and (3) Federal and Defense. In February 2021, we completed the issuance and sale of 1,428,600 shares of the Company's common stock, in a public offering at a price of $35.00 per share. The underwriters exercised their option to purchase an additional 170,497 shares. The transaction closed on February 2, 2021. We received net proceeds of approximately $52 million after deducting underwriting discounts, commissions and offering related expenses, which were used for general corporate purposes, including financing strategic acquisitions and working capital requirements for new program launches. Basis of Presentation Our accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and in accordance with the instructions to SEC Form 10-Q and Article 10 of SEC Regulation S-X. Therefore, such financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 ("2021 Form 10-K"). In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the financial statements include fair value measurements, inventory provisions, collectability of receivables, estimated profitability of long-term contracts, valuation allowances on deferred tax assets, fair value of goodwill and other intangible assets and contingencies. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers," which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, "Revenue from Contracts with Customers," as if the acquirer had originated the contracts. The new standard is effective on a prospective basis for fiscal years and interim reporting periods within those fiscal years beginning after December 15, 2022, with early adoption permitted. We elected to early adopt this standard during the first quarter 2022 and will apply the guidance prospectively to business combinations entered into subsequent to adoption.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Global Parts Group, Inc. On July 26, 2021, we acquired Global Parts Group, Inc. ("Global Parts") for a preliminary purchase price of $40 million, net of cash acquired. The purchase price includes $2 million of contingent consideration, representing the fair value recognized for potential future earn-out payments. See Note (8) "Fair Value Measurements," for additional information regarding the earn-out obligation. During the three and six months ended June 30, 2021, we incurred $0.2 million of acquisition-related expenses, which are included in selling, general and administrative expenses. HAECO Special Services, LLC On March 1, 2021, we acquired HAECO Special Services, LLC ("HSS") from HAECO Airframe Services, LLC, a division of HAECO Americas ("HAECO") for the purchase price of $14.8 million. HSS operating results are included in our Federal and Defense segment. The acquisition was not material to our consolidated financial statements. During the six months ended June 30, 2021, we incurred $0.3 million of acquisition-related expenses, which are included in selling, general and administrative expenses.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Disaggregation of Revenues Our revenues are derived from the delivery of products to our customers and from services performed for commercial customers, various government agencies, the United States Department of Defense ("DoD") or federal civilian agencies. Revenues by customer for our each of our operating segments for the three and six months ended June 30, 2022 were as follows (in thousands): Three months ended June 30, 2022 Aviation Fleet Federal and Defense Total Commercial $ 103,349 $ 26,007 $ 166 $ 129,522 DoD — 1,264 59,260 60,524 Other government 1,670 37,471 12,526 51,667 Total $ 105,019 $ 64,742 $ 71,952 $ 241,713 Six months ended June 30, 2022 Aviation Fleet Federal and Defense Total Commercial $ 195,261 $ 53,863 $ 258 $ 249,382 DoD — 2,993 109,655 112,648 Other government 3,048 74,916 32,958 110,922 Total $ 198,309 $ 131,772 $ 142,871 $ 472,952 Revenues by customer for our each of our operating segments for the three and six months ended June 30, 2021 were as follows (in thousands): Three months ended June 30, 2021 Aviation Fleet Federal and Defense Total Commercial $ 47,465 $ 17,630 $ 185 $ 65,280 DoD — 4,676 62,075 66,751 Other government 50 35,751 7,280 43,081 Total $ 47,515 $ 58,057 $ 69,540 $ 175,112 Six months ended June 30, 2021 Aviation Fleet Federal and Defense Total Commercial $ 91,811 $ 32,067 $ 503 $ 124,381 DoD — 7,778 104,861 112,639 Other government 75 72,959 30,039 103,073 Total $ 91,886 $ 112,804 $ 135,403 $ 340,093 Revenues by type for our each of our operating segments for the three and six months ended June 30, 2022 were as follows (in thousands): Three months ended June 30, 2022 Aviation Fleet Federal and Defense Total Repair $ 25,966 $ — $ — $ 25,966 Distribution 79,053 64,742 — 143,795 Cost Plus Contract — — 34,555 34,555 Fixed Price Contract — — 22,278 22,278 T&M Contract — — 15,119 15,119 Total $ 105,019 $ 64,742 $ 71,952 $ 241,713 Six months ended June 30, 2022 Aviation Fleet Federal and Defense Total Repair $ 48,329 $ — $ — $ 48,329 Distribution 149,980 131,772 — 281,752 Cost Plus Contract — — 65,132 65,132 Fixed Price Contract — — 40,639 40,639 T&M Contract — — 37,100 37,100 Total $ 198,309 $ 131,772 $ 142,871 $ 472,952 Revenues by type for our each of our operating segments for the three and six months ended June 30, 2021 were as follows (in thousands): Three months ended June 30, 2021 Aviation Fleet Federal and Defense Total Repair $ 19,021 $ — $ — $ 19,021 Distribution 28,494 58,057 — 86,551 Cost Plus Contract — — 21,813 21,813 Fixed Price Contract — — 32,430 32,430 T&M Contract — — 15,297 15,297 Total $ 47,515 $ 58,057 $ 69,540 $ 175,112 Six months ended June 30, 2021 Aviation Fleet Federal and Defense Total Repair $ 37,337 $ — $ — $ 37,337 Distribution 54,549 112,804 — 167,353 Cost Plus Contract — — 38,364 38,364 Fixed Price Contract — — 56,361 56,361 T&M Contract — — 40,678 40,678 Total $ 91,886 $ 112,804 $ 135,403 $ 340,093 Contract Balances Unbilled receivables (contract assets) represent our right to consideration in exchange for goods or services that we have transferred to the customer prior to us having the right to payment for such goods or services. Contract liabilities are recorded when customers remit contractual cash payments in advance of us satisfying related performance obligations under contractual arrangements, including those with performance obligations to be satisfied over a period of time. We present our unbilled receivables and contract liabilities on a contract-by-contract basis. If a contract liability exists, it is netted against the unbilled receivables balance for that contract. Unbilled receivables were $41.3 million as of June 30, 2022 and $31.9 million as of December 31, 2021. Contract liabilities, which are included in accrued expenses and other current liabilities in our consolidated balance sheets, were $5.5 million as of June 30, 2022 and $7.1 million as of December 31, 2021. For the six months ended June 30, 2022 and 2021, we recognized revenue that was previously included in the beginning balance of contract liabilities of $2.6 million and $1.7 million, respectively. Performance Obligations Our performance obligations are satisfied either at a point in time or over time as work progresses. Revenues from products and services transferred to customers at a point in time accounted for approximately 59% for the three and six months ended June 30, 2022 and 49% of our revenues for the three and six months ended June 30, 2021, primarily related to the sale of vehicle and aircraft parts in our Fleet and Aviation segments. Revenues from products and services transferred to customers over time accounted for approximately 41% for the three and six months ended June 30, 2022 and 51% of our revenues for the three and six months ended June 30, 2021, primarily related to revenues in our Federal and Defense segment and MRO services in our Aviation segment. As of June 30, 2022, the aggregate amount of transaction prices allocated to unsatisfied or partially unsatisfied performance obligations was $183 million. The performance obligations expected to be satisfied within one year and greater than one year are 94% and 6%, respectively. We have applied the practical expedient for certain parts sales and MRO services to exclude the amount of remaining performance obligations for (i) contracts with an original expected term of one year or less or (ii) contracts for which we recognize revenue in proportion to the amount we have the right to invoice for services performed. During the six months ended June 30, 2022 and 2021, revenue recognized from performance obligations satisfied in prior periods was not material.

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt Long-term debt consisted of the following (in thousands): June 30, December 31, 2022 2021 Bank credit facility - term loan $ 52,675 $ 60,175 Bank credit facility - revolver loans 257,681 226,559 Principal amount of long-term debt 310,356 286,734 Less debt issuance costs (1,746) (2,165) Total long-term debt 308,610 284,569 Less current portion (14,162) (14,162) Long-term debt, less current portion $ 294,448 $ 270,407 We had letters of credit outstanding totaling $1.2 million and $1.0 million as of June 30, 2022 and December 31, 2021, respectively. We pay interest on the term and revolving loan borrowings at LIBOR plus a base margin or at a base rate (typically the prime rate) plus a base margin. As of June 30, 2022, the LIBOR margin was 2.25% and the base margin was 4.75%. The margins increase or decrease in increments as our Total Funded Debt/EBITDA Ratio increases or decreases. As of June 30, 2022, interest rates on our outstanding debt ranged from 4.62% to 7.00%, and the effective interest rate on our aggregate outstanding debt was 5.06%. Interest expense incurred on bank loan borrowings and interest rate hedges was $3.7 million and $2.4 million for the three months ended June 30, 2022 and 2021, respectively, and $7.1 million and $5.1 million for the six months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, there was no hedged portion of our debt as our two remaining hedges expired in February and March of 2022. As of December 31, 2021, the portion of our debt with interest rate swap agreements was $75 million. Our required term and revolver loan principal payments after June 30, 2022 are as follows (in thousands): Year Ending Term Loan Revolver Loan Total Remainder of 2022 $ 7,500 $ — $ 7,500 2023 15,000 — 15,000 2024 30,175 257,681 287,856 Total $ 52,675 $ 257,681 $ 310,356

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareBasic earnings per share ("EPS") is computed by dividing net income by the weighted average number of shares of common stock outstanding during each period. Shares issued during the period are weighted for the portion of the period that they were outstanding. Our calculation of diluted earnings per common share includes the dilutive effects for the assumed vesting of outstanding stock-based awards. For the three and six month ended June 30, 2021, diluted earnings per share did not include an adjustment for the potential dilutive effect of the dilutive securities as the effect would have been anti-dilutive to the Company's net loss. The anti-dilutive common stock equivalents excluded from the diluted per share calculation were not material. Antidilutive common stock equivalents excluded from the diluted earnings per share calculation for the three and six month ended June 30, 2022 were not material. The weighted-average number of shares outstanding used to compute basic and diluted EPS were as follows: Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Basic weighted average common shares outstanding 12,778,355 12,702,366 12,760,026 12,391,166 Effect of dilutive shares 32,723 — 47,223 — Diluted weighted average common shares outstanding 12,811,078 12,702,366 12,807,249 12,391,166

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingencies We are involved in various claims and lawsuits arising in the normal conduct of its business, none of which we believe, based on current information, is expected to have a material adverse effect on our financial position, results of operations or cash flows. Further, from time-to-time, government agencies audit or investigate whether our operations are being conducted in accordance with applicable contractual and regulatory requirements. Government audits or investigations of us, whether relating to government contracts or conducted for other reasons, could result in administrative, civil or criminal liabilities, including repayments, fines or penalties being imposed upon us, or could lead to suspension or debarment from future government contracting. Government investigations often take years to complete and many result in no adverse action against us. We believe, based upon current information, that the outcome of any such government disputes, audits and investigations will not have a material adverse effect on our results of operations, financial condition or cash flows.

Business Segments and Customer

Business Segments and Customer Information	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Business Segments and Customer Information	Business Segments and Customer Information Business Segments Management of our business operations is conducted under three reportable operating segments: Aviation Our Aviation segment provides aftermarket repair and distribution services to commercial, business and general aviation, cargo, military and defense, and rotorcraft customers globally. Core services include parts distribution, engine accessory maintenance, MRO services, rotable exchange and supply chain services. Fleet Our Fleet segment provides parts, inventory management, e-commerce fulfillment, logistics, supply chain support and other services to support the commercial aftermarket medium- and heavy-duty truck market, the United States Postal Service ("USPS"), and the DoD. Core services include vehicle parts distribution, sourcing, IT solutions, customized fleet logistics, warehousing, kitting, just-in-time supply chain management, alternative product sourcing, and engineering and technical support. Federal and Defense Our Federal and Defense segment provides aftermarket MRO and logistics services to improve operational readiness and extend the life cycle of military vehicles, ships and aircraft for the DoD, federal agencies and international defense customers. Core services include procurement; supply chain management; vehicle, maritime and aircraft sustainment services; base operations support; IT services and energy consulting. We evaluate segment performance based on consolidated revenues and operating income. Net sales of our business segments exclude inter-segment sales as these activities are eliminated in consolidation. Corporate expenses are primarily selling, general and administrative expenses not allocated to segments. Our segment information is as follows (in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Revenues: Aviation $ 105,019 $ 47,515 $ 198,309 $ 91,886 Fleet 64,742 58,057 131,772 112,804 Federal and Defense 71,952 69,540 142,871 135,403 Total revenues $ 241,713 $ 175,112 $ 472,952 $ 340,093 Operating income (loss): Aviation $ 6,450 $ (22,272) $ 14,072 $ (22,604) Fleet 5,366 4,000 11,747 9,741 Federal and Defense 2,552 6,999 1,864 12,024 Corporate/unallocated expenses (217) (1,441) (1,618) (2,272) Operating income (loss) $ 14,151 $ (12,714) $ 26,065 $ (3,111)

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 and the level they fall within the fair value hierarchy (in thousands): Amounts Recorded at Fair Value Financial Statement Classification Fair Value Hierarchy Fair Value June 30, 2022 Fair Value December 31, 2021 Non-COLI assets held in Deferred Supplemental Compensation Plan Other assets Level 1 $ 532 $ 598 Interest rate swap agreements Accrued expenses and other current liabilities Level 2 $ — $ 234 Earn-out obligation - short-term Accrued expenses and other current liabilities Level 3 $ 250 $ 1,000 Earn-out obligation - long-term Other long-term liabilities Level 3 $ — $ 250 Non-Company Owned Life Insurance ("COLI") assets held in our deferred supplemental compensation plan consist of equity funds with fair value based on observable inputs such as quoted prices for identical assets in active markets and changes in fair value are recorded as selling, general and administrative expenses. We were a party to interest rate swap agreements qualifying as cash flow hedges under which we hedged a portion of our variable-rate debt until the agreements expired in February and March 2022. As of December 31, 2021, the fair value of such swap agreements was $0.2 million, a liability recorded in accrued expenses and other current liabilities in our consolidated balance sheets. As of December 31, 2021, we had $0.2 million, net of an income tax effect of $58 thousand, included in accumulated other comprehensive income in the accompanying balance sheets related to the cash flow hedges. The amounts paid and received on the swap agreements are recorded in interest expense in the period during which the related floating-rate interest is incurred. In connection with the acquisition of Global Parts in July 2021, we may be required to pay earn-out obligation payments of up to $2.0 million should Global Parts meet certain financial targets during the twelve months following the acquisition and meet a certain milestone event on or before March 2023. Changes in the earn-out obligation measured at fair value on a recurring basis using unobservable inputs (Level 3) for the six months ended June 30, 2022 are as follows (in thousands): Current portion Long-term portion Total Balance as of December 31, 2021 $ 1,000 $ 250 $ 1,250 Reclassification from long-term to current 250 (250) — Earn-out payments (1,000) — (1,000) Balance as of June 30, 2022 $ 250 $ — $ 250 The carrying amounts of cash and cash equivalents, receivables, accounts payable and amounts included in other current assets and accrued expenses and other current liabilities that meet the definition of a financial instrument approximate fair value due to their relatively short maturity. The carrying value of our outstanding debt obligations approximates its fair value. The fair value of long-term debt is calculated using Level 2 inputs based on interest rates available for debt with terms and maturities similar to our existing debt arrangements.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesIncome tax expense during interim periods is based on our estimated annual effective income tax rate plus any discrete items that are recorded in the period in which they occur. Our tax rate is affected by discrete items that may occur in any given year but may not be consistent from year to year. Our effective tax rate was 26.6% and 25.8% for the three and six months ended June 30, 2022, respectively, and 19.6% and 17.6% for the three and six months ended June 30, 2021, respectively. The effective tax rate was higher for the three and six months ended June 30, 2022 compared to the same period of prior year primarily due to book expense in connection with the decline in value of our COLI assets in the period ended June 30, 2022 that was reversed for tax purposes as opposed to book income in the same period in 2021

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsSubsequent to June 30, 2022, we executed forward-starting fixed interest rate swaps that hedge the variability in interest payments on $150 million of floating rate debt. The tenor of these swaps begin on October 31, 2022. We have designated, and will account for, these fixed interest rate swaps as cash flow hedges.

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Our accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and in accordance with the instructions to SEC Form 10-Q and Article 10 of SEC Regulation S-X. Therefore, such financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 ("2021 Form 10-K"). In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022.
Use of Estimates	The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates affecting the financial statements include fair value measurements, inventory provisions, collectability of receivables, estimated profitability of long-term contracts, valuation allowances on deferred tax assets, fair value of goodwill and other intangible assets and contingencies.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers," which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, "Revenue from Contracts with Customers," as if the acquirer had originated the contracts. The new standard is effective on a prospective basis for fiscal years and interim reporting periods within those fiscal years beginning after December 15, 2022, with early adoption permitted. We elected to early adopt this standard during the first quarter 2022 and will apply the guidance prospectively to business combinations entered into subsequent to adoption.
Earnings Per Share	Basic earnings per share ("EPS") is computed by dividing net income by the weighted average number of shares of common stock outstanding during each period. Shares issued during the period are weighted for the portion of the period that they were outstanding. Our calculation of diluted earnings per common share includes the dilutive effects for the assumed vesting of outstanding stock-based awards.
Revenue from Contract with Customer	Unbilled receivables (contract assets) represent our right to consideration in exchange for goods or services that we have transferred to the customer prior to us having the right to payment for such goods or services. Contract liabilities are recorded when customers remit contractual cash payments in advance of us satisfying related performance obligations under contractual arrangements, including those with performance obligations to be satisfied over a period of time.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Revenues by customer for our each of our operating segments for the three and six months ended June 30, 2022 were as follows (in thousands): Three months ended June 30, 2022 Aviation Fleet Federal and Defense Total Commercial $ 103,349 $ 26,007 $ 166 $ 129,522 DoD — 1,264 59,260 60,524 Other government 1,670 37,471 12,526 51,667 Total $ 105,019 $ 64,742 $ 71,952 $ 241,713 Six months ended June 30, 2022 Aviation Fleet Federal and Defense Total Commercial $ 195,261 $ 53,863 $ 258 $ 249,382 DoD — 2,993 109,655 112,648 Other government 3,048 74,916 32,958 110,922 Total $ 198,309 $ 131,772 $ 142,871 $ 472,952 Revenues by customer for our each of our operating segments for the three and six months ended June 30, 2021 were as follows (in thousands): Three months ended June 30, 2021 Aviation Fleet Federal and Defense Total Commercial $ 47,465 $ 17,630 $ 185 $ 65,280 DoD — 4,676 62,075 66,751 Other government 50 35,751 7,280 43,081 Total $ 47,515 $ 58,057 $ 69,540 $ 175,112 Six months ended June 30, 2021 Aviation Fleet Federal and Defense Total Commercial $ 91,811 $ 32,067 $ 503 $ 124,381 DoD — 7,778 104,861 112,639 Other government 75 72,959 30,039 103,073 Total $ 91,886 $ 112,804 $ 135,403 $ 340,093 Revenues by type for our each of our operating segments for the three and six months ended June 30, 2022 were as follows (in thousands): Three months ended June 30, 2022 Aviation Fleet Federal and Defense Total Repair $ 25,966 $ — $ — $ 25,966 Distribution 79,053 64,742 — 143,795 Cost Plus Contract — — 34,555 34,555 Fixed Price Contract — — 22,278 22,278 T&M Contract — — 15,119 15,119 Total $ 105,019 $ 64,742 $ 71,952 $ 241,713 Six months ended June 30, 2022 Aviation Fleet Federal and Defense Total Repair $ 48,329 $ — $ — $ 48,329 Distribution 149,980 131,772 — 281,752 Cost Plus Contract — — 65,132 65,132 Fixed Price Contract — — 40,639 40,639 T&M Contract — — 37,100 37,100 Total $ 198,309 $ 131,772 $ 142,871 $ 472,952 Revenues by type for our each of our operating segments for the three and six months ended June 30, 2021 were as follows (in thousands): Three months ended June 30, 2021 Aviation Fleet Federal and Defense Total Repair $ 19,021 $ — $ — $ 19,021 Distribution 28,494 58,057 — 86,551 Cost Plus Contract — — 21,813 21,813 Fixed Price Contract — — 32,430 32,430 T&M Contract — — 15,297 15,297 Total $ 47,515 $ 58,057 $ 69,540 $ 175,112 Six months ended June 30, 2021 Aviation Fleet Federal and Defense Total Repair $ 37,337 $ — $ — $ 37,337 Distribution 54,549 112,804 — 167,353 Cost Plus Contract — — 38,364 38,364 Fixed Price Contract — — 56,361 56,361 T&M Contract — — 40,678 40,678 Total $ 91,886 $ 112,804 $ 135,403 $ 340,093

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following (in thousands): June 30, December 31, 2022 2021 Bank credit facility - term loan $ 52,675 $ 60,175 Bank credit facility - revolver loans 257,681 226,559 Principal amount of long-term debt 310,356 286,734 Less debt issuance costs (1,746) (2,165) Total long-term debt 308,610 284,569 Less current portion (14,162) (14,162) Long-term debt, less current portion $ 294,448 $ 270,407
Schedule of Term Loan Payments	Our required term and revolver loan principal payments after June 30, 2022 are as follows (in thousands): Year Ending Term Loan Revolver Loan Total Remainder of 2022 $ 7,500 $ — $ 7,500 2023 15,000 — 15,000 2024 30,175 257,681 287,856 Total $ 52,675 $ 257,681 $ 310,356

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The weighted-average number of shares outstanding used to compute basic and diluted EPS were as follows: Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Basic weighted average common shares outstanding 12,778,355 12,702,366 12,760,026 12,391,166 Effect of dilutive shares 32,723 — 47,223 — Diluted weighted average common shares outstanding 12,811,078 12,702,366 12,807,249 12,391,166

Business Segments and Custome_2

Business Segments and Customer Information (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segment Information	Corporate expenses are primarily selling, general and administrative expenses not allocated to segments. Our segment information is as follows (in thousands): Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Revenues: Aviation $ 105,019 $ 47,515 $ 198,309 $ 91,886 Fleet 64,742 58,057 131,772 112,804 Federal and Defense 71,952 69,540 142,871 135,403 Total revenues $ 241,713 $ 175,112 $ 472,952 $ 340,093 Operating income (loss): Aviation $ 6,450 $ (22,272) $ 14,072 $ (22,604) Fleet 5,366 4,000 11,747 9,741 Federal and Defense 2,552 6,999 1,864 12,024 Corporate/unallocated expenses (217) (1,441) (1,618) (2,272) Operating income (loss) $ 14,151 $ (12,714) $ 26,065 $ (3,111)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 and the level they fall within the fair value hierarchy (in thousands): Amounts Recorded at Fair Value Financial Statement Classification Fair Value Hierarchy Fair Value June 30, 2022 Fair Value December 31, 2021 Non-COLI assets held in Deferred Supplemental Compensation Plan Other assets Level 1 $ 532 $ 598 Interest rate swap agreements Accrued expenses and other current liabilities Level 2 $ — $ 234 Earn-out obligation - short-term Accrued expenses and other current liabilities Level 3 $ 250 $ 1,000 Earn-out obligation - long-term Other long-term liabilities Level 3 $ — $ 250
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	Changes in the earn-out obligation measured at fair value on a recurring basis using unobservable inputs (Level 3) for the six months ended June 30, 2022 are as follows (in thousands): Current portion Long-term portion Total Balance as of December 31, 2021 $ 1,000 $ 250 $ 1,250 Reclassification from long-term to current 250 (250) — Earn-out payments (1,000) — (1,000) Balance as of June 30, 2022 $ 250 $ — $ 250

Nature of Operations and Basi_3

Nature of Operations and Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended
	Feb. 02, 2021	Feb. 28, 2021
Accounting Policies [Abstract]
Public offering, issued (in shares)	170,497	1,428,600
Public offering, price (in dollars per share)		$ 35
Public offering proceeds	$ 52

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Jul. 26, 2021	Mar. 01, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired					$ 0	$ 14,785
Global Parts
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired	$ 40,000
Earn-out payments	$ 2,000
Acquisition related expenses			$ 200		$ 200
HAECO Special Services, LLC
Business Acquisition [Line Items]
Purchase price		$ 14,800
Acquisition related expenses				$ 300

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 241,713	$ 175,112	$ 472,952	$ 340,093
Repair
Disaggregation of Revenue [Line Items]
Revenues	25,966	19,021	48,329	37,337
Distribution
Disaggregation of Revenue [Line Items]
Revenues	143,795	86,551	281,752	167,353
Cost Plus Contract
Disaggregation of Revenue [Line Items]
Revenues	34,555	21,813	65,132	38,364
Fixed Price Contract
Disaggregation of Revenue [Line Items]
Revenues	22,278	32,430	40,639	56,361
T&M Contract
Disaggregation of Revenue [Line Items]
Revenues	15,119	15,297	37,100	40,678
Commercial
Disaggregation of Revenue [Line Items]
Revenues	129,522	65,280	249,382	124,381
DoD
Disaggregation of Revenue [Line Items]
Revenues	60,524	66,751	112,648	112,639
Other government
Disaggregation of Revenue [Line Items]
Revenues	51,667	43,081	110,922	103,073
Aviation
Disaggregation of Revenue [Line Items]
Revenues	105,019	47,515	198,309	91,886
Aviation | Repair
Disaggregation of Revenue [Line Items]
Revenues	25,966	19,021	48,329	37,337
Aviation | Distribution
Disaggregation of Revenue [Line Items]
Revenues	79,053	28,494	149,980	54,549
Aviation | Cost Plus Contract
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Aviation | Fixed Price Contract
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Aviation | T&M Contract
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Aviation | Commercial
Disaggregation of Revenue [Line Items]
Revenues	103,349	47,465	195,261	91,811
Aviation | DoD
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Aviation | Other government
Disaggregation of Revenue [Line Items]
Revenues	1,670	50	3,048	75
Fleet
Disaggregation of Revenue [Line Items]
Revenues	64,742	58,057	131,772	112,804
Fleet | Repair
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Fleet | Distribution
Disaggregation of Revenue [Line Items]
Revenues	64,742	58,057	131,772	112,804
Fleet | Cost Plus Contract
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Fleet | Fixed Price Contract
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Fleet | T&M Contract
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Fleet | Commercial
Disaggregation of Revenue [Line Items]
Revenues	26,007	17,630	53,863	32,067
Fleet | DoD
Disaggregation of Revenue [Line Items]
Revenues	1,264	4,676	2,993	7,778
Fleet | Other government
Disaggregation of Revenue [Line Items]
Revenues	37,471	35,751	74,916	72,959
Federal and Defense
Disaggregation of Revenue [Line Items]
Revenues	71,952	69,540	142,871	135,403
Federal and Defense | Repair
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Federal and Defense | Distribution
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Federal and Defense | Cost Plus Contract
Disaggregation of Revenue [Line Items]
Revenues	34,555	21,813	65,132	38,364
Federal and Defense | Fixed Price Contract
Disaggregation of Revenue [Line Items]
Revenues	22,278	32,430	40,639	56,361
Federal and Defense | T&M Contract
Disaggregation of Revenue [Line Items]
Revenues	15,119	15,297	37,100	40,678
Federal and Defense | Commercial
Disaggregation of Revenue [Line Items]
Revenues	166	185	258	503
Federal and Defense | DoD
Disaggregation of Revenue [Line Items]
Revenues	59,260	62,075	109,655	104,861
Federal and Defense | Other government
Disaggregation of Revenue [Line Items]
Revenues	$ 12,526	$ 7,280	$ 32,958	$ 30,039

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unbilled receivables	$ 41,310		$ 31,882
Contract with customer, liability	5,500		$ 7,100
Contract with customer, liability, revenue recognized	2,600	$ 1,700
Revenue, remaining performance obligation	$ 183,000
Revenue from Contract with Customer Benchmark | Product Concentration Risk | Transferred at Point in Time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk, percentage	59%	49%
Revenue from Contract with Customer Benchmark | Product Concentration Risk | Transferred over Time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Concentration risk, percentage	41%	51%

Revenue - Performance Obligatio

Revenue - Performance Obligations (Details)	Jun. 30, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, remaining performance obligation, percentage	94%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Revenue, remaining performance obligation, percentage	6%

Debt - Long-term debt (Details)

Debt - Long-term debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt	$ 310,356	$ 286,734
Less debt issuance costs	(1,746)	(2,165)
Total long-term debt	308,610	284,569
Less current portion	(14,162)	(14,162)
Long-term debt, less current portion	294,448	270,407
Term Loan
Debt Instrument [Line Items]
Long-term debt	52,675	60,175
Revolver Loan
Debt Instrument [Line Items]
Long-term debt	$ 257,681	$ 226,559

Debt - Narrative (Details)

Debt - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) derivativeInstrument	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) derivativeInstrument	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Number of derivative instruments expired | derivativeInstrument	2		2
Loans Payable And Revolving Credit Facility
Debt Instrument [Line Items]
Effective interest rate	5.06%		5.06%
Interest expense, net	$ 3,700,000	$ 2,400,000	$ 7,100,000	$ 5,100,000
Loans Payable And Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Interest rate range	4.62%		4.62%
Loans Payable And Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Interest rate range	7%		7%
Loans Payable And Revolving Credit Facility | Swap
Debt Instrument [Line Items]
Derivative notional amount	$ 0		$ 0		$ 75,000,000
Loans Payable And Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Base margin			2.25%
Loans Payable And Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Base margin			4.75%
Revolver Loan
Debt Instrument [Line Items]
Letters of credit outstanding	$ 1,200,000		$ 1,200,000		$ 1,000,000

Debt - Loan Payments (Details)

Debt - Loan Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Long-term Debt, Fiscal Year Maturity [Abstract]
2022	$ 7,500
2023	15,000
2024	287,856
Long-term debt	310,356	$ 286,734
Long-term debt	310,356	286,734
Term Loan
Long-term Debt, Fiscal Year Maturity [Abstract]
2022	7,500
2023	15,000
2024	30,175
Long-term debt	52,675
Long-term debt	52,675
Revolver Loan
Long-term Debt, Fiscal Year Maturity [Abstract]
2022	0
2023	0
2024	257,681
Long-term debt	257,681	226,559
Long-term debt	$ 257,681	$ 226,559

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding (in shares)	12,778,355	12,702,366	12,760,026	12,391,166
Effect of dilutive shares (in shares)	32,723	0	47,223	0
Diluted weighted average common shares outstanding (in shares)	12,811,078	12,702,366	12,807,249	12,391,166

Business Segments and Custome_3

Business Segments and Customer Information - Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment			3
Number of reportable segments | segment			3
Segment Reporting Information [Line Items]
Revenues	$ 241,713	$ 175,112	$ 472,952	$ 340,093
Operating income (loss)	14,151	(12,714)	26,065	(3,111)
Corporate/unallocated expenses
Segment Reporting Information [Line Items]
Operating income (loss)	(217)	(1,441)	(1,618)	(2,272)
Aviation
Segment Reporting Information [Line Items]
Revenues	105,019	47,515	198,309	91,886
Aviation | Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	6,450	(22,272)	14,072	(22,604)
Fleet
Segment Reporting Information [Line Items]
Revenues	64,742	58,057	131,772	112,804
Fleet | Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	5,366	4,000	11,747	9,741
Federal and Defense
Segment Reporting Information [Line Items]
Revenues	71,952	69,540	142,871	135,403
Federal and Defense | Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	$ 2,552	$ 6,999	$ 1,864	$ 12,024

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Level 1 | Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-COLI assets held in Deferred Supplemental Compensation Plan	$ 532	$ 598
Level 2 | Accrued expenses and other current liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap agreements	0	234
Level 3 | Accrued expenses and other current liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of earn-out obligation	250	1,000
Level 3 | Long-term portion
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out obligation, less current portion	$ 0	$ 250

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2022	Mar. 31, 2022	Jul. 26, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Income tax expense benefit on interest rate swap	$ 58
Stockholders' Equity Attributable to Parent	417,333	$ 431,283	$ 423,792		$ 401,494	$ 414,303	$ 356,317
Accumulated Other Comprehensive Loss
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stockholders' Equity Attributable to Parent	$ (176)	$ 0	$ 0		$ (540)	$ (692)	$ (1,203)
Global Parts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out payments				$ 2,000

Fair Value Measurements - Earn-

Fair Value Measurements - Earn-out Obligations (Details) - Level 3 - Fair Value, Measurements, Recurring $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,250,000
Reclassification from long-term to current	0
Earn-out payments	(1,000,000)
Ending balance	250,000
Current portion
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,000,000
Reclassification from long-term to current	250,000
Earn-out payments	(1,000,000)
Ending balance	250,000
Long-term portion
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	250,000
Reclassification from long-term to current	(250,000)
Earn-out payments	0
Ending balance	$ 0

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	26.60%	19.60%	25.80%	17.60%

Subsequent Events (Details)

Subsequent Events (Details)	Jul. 01, 2022 USD ($)
Subsequent Event | Interest Rate Swap
Subsequent Event [Line Items]
Floating rate debt	$ 150,000,000