VSE (VSEC) 10-Q 27 Jul 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 24, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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)		15,372,544
Entity Central Index Key	0000102752
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 4,163	$ 305
Receivables (net of allowance of $2.5 million and $2.0 million, respectively)	114,154	90,599
Unbilled receivables	6,229	7,409
Inventories	427,822	380,438
Other current assets	14,797	15,202
Current assets held-for-sale	107,059	54,925
Total current assets	674,224	548,878
Noncurrent assets:
Property and equipment (net of accumulated depreciation of $33.6 million and $30.7 million, respectively)	43,992	40,501
Intangible assets (net of accumulated amortization of $128.8 million and $121.3 million, respectively)	82,818	86,558
Goodwill	222,023	217,262
Operating lease - right-of-use assets	20,194	21,558
Other assets	30,220	29,019
Non-current assets held-for-sale	0	56,013
Total assets	1,073,471	999,789
Current liabilities:
Current portion of long-term debt	10,000	10,000
Accounts payable	104,566	128,504
Accrued expenses and other current liabilities	30,295	31,889
Dividends payable	1,290	1,282
Current liabilities held-for-sale	64,070	52,929
Total current liabilities	210,221	224,604
Noncurrent liabilities:
Long-term debt, less current portion	365,110	276,300
Deferred compensation	7,651	7,398
Long-term operating lease obligations	17,609	19,154
Deferred tax liabilities	3,743	4,986
Non-current liabilities held-for-sale	0	17,821
Total liabilities	604,334	550,263
Commitments and contingencies (Note 8)
Stockholders' equity:
Common stock, par value $0.05 per share, authorized 23,000,000 shares; issued and outstanding 12,897,544 and 12,816,613, respectively	645	641
Additional paid-in capital	96,471	92,620
Retained earnings	366,690	351,297
Accumulated other comprehensive income	5,331	4,968
Total stockholders' equity	469,137	449,526
Total liabilities and stockholders' equity	$ 1,073,471	$ 999,789

Unaudited Consolidated Balanc_2

Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Stockholders' equity:
Allowance for credit loss	$ 2,500	$ 2,000
Accumulated depreciation	(33,600)	(30,700)
Accumulated amortization	$ (128,792)	$ (121,252)
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)	12,897,544	12,816,613
Common stock, outstanding (in shares)	12,897,544	12,816,613

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023		Jun. 30, 2022
Revenues:
Total revenues	$ 205,223	$ 169,761	$ 393,810		$ 330,081
Costs and operating expenses:
Selling, general and administrative expenses	1,519	473	3,564		1,180
Amortization of intangible assets	3,601	4,016	7,540		8,110
Total costs and operating expenses	184,586	159,226	356,395		307,529
Operating income	20,637	10,535	37,415		22,552
Interest expense, net	7,366	3,872	13,346		7,482
Income from continuing operations before income taxes	13,271	6,663	24,069		15,070
Provision for income taxes	3,182	1,908	5,860		4,026
Income from continuing operations	10,089	4,755	18,209		11,044
(Loss) income from discontinued operations, net of tax	(1,234)	2,793	(237)		2,748
Net income	$ 8,855	$ 7,548	$ 17,972	[1]	$ 13,792	[1]
Earnings (loss) per share:
Basic earnings per share, continuing operations (in dollars per share)	$ 0.78	$ 0.37	$ 1.42		$ 0.87
Basic earnings (loss) per share, discontinued operations (in dollars per share)	(0.10)	0.22	(0.02)		0.21
Basic earnings (loss) per share (in dollars per share)	0.68	0.59	1.40		1.08
Diluted
Diluted earnings per share, continuing operations (in dollars per share)	0.78	0.37	1.42		0.87
Diluted earnings (loss) per share, discontinued operations (in dollars per share)	(0.10)	0.22	(0.02)		0.21
Diluted earnings (loss) per share (in dollars per share)	$ 0.68	$ 0.59	$ 1.40		$ 1.08
Weighted average shares outstanding:
Basic weighted average shares outstanding (in shares)	12,886,100	12,778,355	12,865,394		12,760,026
Diluted weighted average shares outstanding (in shares)	12,916,998	12,811,078	12,921,826		12,807,249
Dividends declared per share (in dollars per share)	$ 0.10	$ 0.10	$ 0.20		$ 0.20
Products
Revenues:
Total revenues	$ 165,997	$ 142,003	$ 320,443		$ 278,172
Costs and operating expenses:
Costs and operating expenses	147,139	129,617	282,388		250,714
Services
Revenues:
Total revenues	39,226	27,758	73,367		51,909
Costs and operating expenses:
Costs and operating expenses	$ 32,327	$ 25,120	$ 62,903		$ 47,525
[1](a) The cash flows related to discontinued operations and held-for-sale assets and liabilities have not been segregated, and remain included in the major classes of assets and liabilities. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023		Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 8,855	$ 7,548	$ 17,972	[1]	$ 13,792	[1]
Change in fair value of interest rate swap agreements, net of tax	2,361	0	363		176
Total other comprehensive income, net of tax	2,361	0	363		176
Comprehensive income	$ 11,216	$ 7,548	$ 18,335		$ 13,968
[1](a) The cash flows related to discontinued operations and held-for-sale assets and liabilities have not been segregated, and remain included in the major classes of assets and liabilities. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

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 Income
Balance, beginning balance (in shares) at Dec. 31, 2021			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	13,792	[1]			13,792
Stock-based compensation (in shares)			68,000
Stock-based compensation	2,540		$ 4	2,536
Other comprehensive income (loss), net of tax	176					176
Dividends declared	(2,558)				(2,558)
Balance, ending balance (in shares) at Jun. 30, 2022			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	7,548
Stock-based compensation (in shares)			26,000
Stock-based compensation	1,223		$ 2	1,221
Other comprehensive income (loss), net of tax	0					0
Dividends declared	(1,280)				(1,280)
Balance, ending balance (in shares) at Jun. 30, 2022			12,795,000
Balance, ending balance at Jun. 30, 2022	$ 431,283		$ 640	91,051	339,592	0
Balance, beginning balance (in shares) at Dec. 31, 2022	12,816,613		12,817,000
Balance, beginning balance at Dec. 31, 2022	$ 449,526		$ 641	92,620	351,297	4,968
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	17,972	[1]			17,972
Stock-based compensation (in shares)			81,000
Stock-based compensation	3,855		$ 4	3,851
Other comprehensive income (loss), net of tax	363
Dividends declared	$ (2,579)				(2,579)
Balance, ending balance (in shares) at Jun. 30, 2023	12,897,544		12,898,000
Balance, ending balance at Jun. 30, 2023	$ 469,137		$ 645	96,471	366,690	5,331
Balance, beginning balance (in shares) at Mar. 31, 2023			12,886,000
Balance, beginning balance at Mar. 31, 2023	457,315		$ 644	94,577	359,124	2,970
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,855				8,855
Stock-based compensation (in shares)			12,000
Stock-based compensation	1,895		$ 1	1,894
Other comprehensive income (loss), net of tax	2,361
Dividends declared	$ (1,289)				(1,289)
Balance, ending balance (in shares) at Jun. 30, 2023	12,897,544		12,898,000
Balance, ending balance at Jun. 30, 2023	$ 469,137		$ 645	$ 96,471	$ 366,690	$ 5,331
[1](a) The cash flows related to discontinued operations and held-for-sale assets and liabilities have not been segregated, and remain included in the major classes of assets and liabilities. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

Unaudited Consolidated Statem_4

Unaudited Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.10	$ 0.10	$ 0.20	$ 0.20

Unaudited Consolidated Statem_5

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	[1]	$ 17,972	$ 13,792
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	[1]	12,011	12,430
Amortization of debt issuance cost	[1]	420	420
Deferred taxes	[1]	(1,533)	(790)
Stock-based compensation	[1]	3,894	2,675
Provision for inventory	[1]	742	1,094
Changes in operating assets and liabilities, net of impact of acquisitions:
Receivables, net	[1]	(21,082)	(25,607)
Unbilled Receivables, net	[1]	(110)	(9,428)
Inventories, net	[1]	(45,580)	(16,145)
Other current assets and other assets	[1]	(1,274)	6,036
Operating lease assets and liabilities, net	[1]	67	69
Accounts payable and deferred compensation	[1]	(27,429)	(4,848)
Accrued expenses and other current and noncurrent liabilities	[1]	(3,055)	302
Net cash used in operating activities	[1]	(65,091)	(20,138)
Cash flows from investing activities:
Purchases of property and equipment	[1]	(6,137)	(2,746)
Proceeds from the payment on notes receivable	[1]	1,557	3,073
Cash paid for acquisitions, net of cash acquired	[1]	(11,711)	0
Net cash (used in) provided by investing activities	[1]	(16,291)	327
Cash flows from financing activities:
Borrowings on loan agreement	[1]	322,813	236,194
Repayments on loan agreement	[1]	(234,423)	(212,572)
Proceeds from issuance of common stock	[1]	456	486
Earn-out obligation payments	[1]	0	(1,000)
Payment of taxes for equity transactions	[1]	(1,031)	(892)
Dividends paid	[1]	(2,571)	(2,552)
Net cash provided by financing activities	[1]	85,244	19,664
Net increase (decrease) in cash and cash equivalents	[1]	3,862	(147)
Cash and cash equivalents, beginning of period	[1]	478	518
Cash and cash equivalents, end of period	[1]	$ 4,340	$ 371
[1](a) The cash flows related to discontinued operations and held-for-sale assets and liabilities have not been segregated, and remain included in the major classes of assets and liabilities. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	6 Months Ended
	Jun. 30, 2023
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 maintenance, repair and overhaul ("MRO") services, parts distribution, logistics, supply chain management and consulting services for transportation assets to commercial and government markets. 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 year ended December 31, 2022 ("2022 Form 10-K"). In our opinion, all adjustments, including normal recurring items, considered necessary for a fair presentation of results for the interim periods have been included in the accompanying unaudited consolidated financial statements. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023. On May 1, 2023, we entered into a definitive agreement to sell our Federal and Defense segment. The consolidated financial statements present the Federal and Defense segment's results of operations as discontinued operations, and the related assets and liabilities as held-for-sale for all periods presented. See Note (3) "Discontinued Operations" for further discussion. Following the completion of the sale transaction, our operations are conducted under two operating segments: Aviation and Fleet. Certain reclassifications have been made to the prior period financial information to reflect discontinued operations classification. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate solely to continuing operations and exclude all discontinued operations. 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.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Precision Fuel Components, LLC On February 1, 2023, our Aviation segment acquired Precision Fuel Components, LLC ("Precision Fuel") for a purchase price of $11.7 million. Precision Fuel provides MRO services for engine accessory and fuel systems supporting the business and general aviation ("B&GA") market. Our acquisition of Precision Fuel expanded our MRO capabilities and client base. Precision Fuel operating results are included in the accompanying consolidated financial statements beginning on the acquisition date. The acquisition was not material to our consolidated financial statements.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On May 1, 2023, we entered into a definitive agreement to sell our Federal and Defense business to Bernhard Capital Partners Management LP for total consideration of up to $100.0 million, consisting of a $50.0 million cash payment at the closing of the transaction and an earn-out payment of up to $50.0 million subject to the achievement of certain milestones. The transaction is expected to close in late 2023 to early 2024 and is subject to customary closing conditions and approvals. The results of operations from discontinued operations for the three and six months ended June 30, 2023 and 2022, consist of the following (in thousands): For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Revenues $ 67,039 $ 71,953 $ 133,885 $ 142,871 (Loss) income from discontinued operations before income taxes $ (1,779) $ 3,616 $ (621) $ 3,514 Provision for income taxes (545) 823 (384) 766 Net (loss) income from discontinued operations $ (1,234) $ 2,793 $ (237) $ 2,748 The assets and liabilities reported as held for sale consist of the following (in thousands): June 30, December 31, 2023 2022 Assets Cash and cash equivalents $ 178 $ 173 Accounts receivable, net 12,385 14,340 Unbilled receivables 32,188 30,898 Inventories 453 270 Other current assets 8,760 9,244 Property and equipment, net 6,612 7,467 Intangible assets, net 3,505 4,066 Goodwill 31,575 31,575 Operating lease right-of-use assets 11,369 12,854 Other assets 34 51 Total assets held-for-sale (a) $ 107,059 $ 110,938 Liabilities Accounts payable $ 27,810 $ 31,096 Accrued expenses and other current liabilities 20,609 21,833 Long-term operating lease obligations 11,186 13,186 Deferred tax liabilities 4,465 4,635 Total liabilities held-for-sale (a) $ 64,070 $ 70,750 (a) Amounts have been classified as current for the current period consolidated balance sheet and as current and non-current in the consolidated balance sheet for the prior year period. Selected financial information related to cash flows from discontinued operations is as follows (in thousands): For the six months ended June 30, 2023 2022 Depreciation and amortization $ 1,437 $ 1,917 Purchases of property and equipment $ 92 $ 144 Stock-based compensation $ 73 $ 20

Revenue

Revenue	6 Months Ended
	Jun. 30, 2023
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 and governmental customers. A summary of revenues by customer for each of our operating segments for the three and six months ended June 30, 2023 and 2022 is as follows (in thousands): Three months ended June 30, 2023 Six months ended June 30, 2023 Aviation Fleet Total Aviation Fleet Total Commercial $ 123,820 $ 38,037 $ 161,857 $ 235,880 $ 70,581 $ 306,461 Other government 909 42,457 43,366 2,084 85,265 87,349 Total $ 124,729 $ 80,494 $ 205,223 $ 237,964 $ 155,846 $ 393,810 Three months ended June 30, 2022 Six months ended June 30, 2022 Aviation Fleet Total Aviation Fleet Total Commercial $ 103,349 $ 26,007 $ 129,356 $ 195,261 $ 53,863 $ 249,124 DoD — 1,264 1,264 — 2,993 2,993 Other government 1,670 37,471 39,141 3,048 74,916 77,964 Total $ 105,019 $ 64,742 $ 169,761 $ 198,309 $ 131,772 $ 330,081 A summary of revenues by type for each of our operating segments for the three and six months ended June 30, 2023 and 2022 is as follows (in thousands): Three months ended June 30, 2023 Six months ended June 30, 2023 Aviation Fleet Total Aviation Fleet Total Repair $ 35,561 $ — $ 35,561 $ 67,615 $ — $ 67,615 Distribution 89,168 80,494 169,662 170,349 155,846 326,195 Total $ 124,729 $ 80,494 $ 205,223 $ 237,964 $ 155,846 $ 393,810 Three months ended June 30, 2022 Six months ended June 30, 2022 Aviation Fleet Total Aviation Fleet Total Repair $ 25,966 $ — $ 25,966 $ 48,329 $ — $ 48,329 Distribution 79,053 64,742 143,795 149,980 131,772 281,752 Total $ 105,019 $ 64,742 $ 169,761 $ 198,309 $ 131,772 $ 330,081 Contract Balances Contract balances were as follows (in thousands): June 30, December 31, Financial Statement Classification 2023 2022 Contract assets Unbilled receivables $ 6,229 $ 7,409 Contract liabilities Accrued expenses and other current liabilities $ 2,561 $ 963

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Long-term debt consisted of the following (in thousands): June 30, December 31, 2023 2022 Bank credit facility - term loan $ 95,000 $ 100,000 Bank credit facility - revolving facility 282,000 188,610 Principal amount of long-term debt 377,000 288,610 Less debt issuance costs (1,890) (2,310) Total long-term debt 375,110 286,300 Less current portion (10,000) (10,000) Long-term debt, less current portion $ 365,110 $ 276,300 Borrowings under our term loan and revolving facility mature in October 2025. As of June 30, 2023, the interest rate on our outstanding term loan borrowings and weighted average interest rate on our aggregate outstanding revolving facility was 7.51% and 7.62%, respectively. Interest expense incurred on our term loan and revolving facility was $7.9 million and $14.3 million for the three and six months ended June 30, 2023, respectively, and $3.7 million and $7.1 million for the three and six months ended June 30, 2022, respectively. We had letters of credit outstanding of $0.7 million and $1.0 million as of June 30, 2023 and December 31, 2022, respectively. Future required term loan and revolving facility payments as of June 30, 2023 are as follows (in thousands): Year Ending Term Loan Revolving Facility Total Remainder of 2023 $ 5,000 $ — $ 5,000 2024 10,000 — 10,000 2025 80,000 282,000 362,000 Total $ 95,000 $ 282,000 $ 377,000 We were in compliance with required ratios and other terms and conditions under our credit agreement as of June 30, 2023.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities Our derivative instruments designated as cash flow hedges as of June 30, 2023 were (in thousands): Notional Amount Paid Fixed Rate Receive Variable Rate Settlement and Termination Interest rate swaps $150,000 2.8% 1-month term SOFR Monthly through October 31, 2027

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	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. There were no antidilutive common stock equivalents excluded from the diluted per share calculation. 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, 2023 2022 2023 2022 Basic weighted average common shares outstanding 12,886,100 12,778,355 12,865,394 12,760,026 Effect of dilutive shares 30,898 32,723 56,432 47,223 Diluted weighted average common shares outstanding 12,916,998 12,811,078 12,921,826 12,807,249

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingencies We may have certain claims in the normal course of business, including legal proceedings, against us and against other parties. In our opinion, the resolution of these claims will not have a material adverse effect on our results of operations, financial position 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

Business Segments	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Business Segments	Business Segments The sale of the Federal and Defense segment is intended to allow us to advance our focus on long-term strategic growth areas. Following the completion of the sale transaction, management of our business operations is conducted under two 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, and the United States Postal Service ("USPS"). 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. 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, 2023 2022 2023 2022 Revenues: Aviation $ 124,729 $ 105,019 $ 237,964 $ 198,309 Fleet 80,494 64,742 155,846 131,772 Total revenues $ 205,223 $ 169,761 $ 393,810 $ 330,081 Operating income (loss): Aviation $ 15,783 $ 6,450 $ 31,447 $ 14,072 Fleet 7,854 5,366 13,753 11,747 Corporate/unallocated expenses (a) (3,000) (1,281) (7,785) (3,267) Operating income $ 20,637 $ 10,535 $ 37,415 $ 22,552 (a) Certain corporate costs previously allocated to the Federal and Defense business for segment reporting purposes did not qualify for classification within discontinued operations and have been reallocated to continuing operations.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill Changes in the carrying amount of goodwill by segment for the six months ended June 30, 2023 were as follows (in thousands): Aviation Fleet Total Balance as of December 31, 2022 $ 154,072 $ 63,190 $ 217,262 Acquisitions 4,761 — 4,761 Balance as of June 30, 2023 $ 158,833 $ 63,190 $ 222,023 Goodwill increased during the six months ended June 30, 2023 in connection with the acquisition during the period as discussed in Note (2) "Acquisitions." Intangible Assets Intangible assets consisted of the following (in thousands): Gross carrying value Accumulated amortization Net carrying value June 30, 2023 Contract and customer-related $ 202,940 $ (120,760) $ 82,180 Trade names 8,670 (8,032) 638 Total $ 211,610 $ (128,792) $ 82,818 December 31, 2022 Contract and customer-related $ 199,140 $ (113,796) $ 85,344 Trade names 8,670 (7,456) 1,214 Total $ 207,810 $ (121,252) $ 86,558 The gross carrying amount of contract and customer-related intangibles increased during the six months ended June 30, 2023 in connection with the acquisition during the period as discussed in Note (2) "Acquisitions." As of June 30, 2023, the estimated future annual amortization expense related to intangible assets is as follows (in thousands): Year Ending Remainder of 2023 $ 5,114 2024 9,136 2025 9,074 2026 8,950 2027 7,204 Thereafter 43,340 Total $ 82,818

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
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, 2023 and December 31, 2022 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, 2023 Fair Value December 31, 2022 Non-COLI assets held in Deferred Supplemental Compensation Plan (a) Other assets Level 1 $ 576 $ 539 Interest rate swaps Other assets Level 2 $ 7,103 $ 6,620 (a) 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. 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, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income 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 for continued operations was 24.0% and 24.3% for the three and six months ended June 30, 2023, respectively, and 28.6% and 26.7% for the three and six months ended June 30, 2022, respectively. The effective tax rate was lower for the three and six months ended June 30, 2023 compared to the same period of prior year primarily due to book income in connection with the fair market value increase in our COLI plan in the period ended June 30, 2023 that was reversed for tax purposes as opposed to book expense in the same period in 2022.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Desser Aerospace Acquisition In July 2023, we completed our previously announced acquisition of Desser-Graham Partnership, L.P. ("Desser Aerospace"), pursuant to the terms of the purchase agreement dated May 3, 2023, for a preliminary purchase price of $124.0 million, subject to post-closing adjustments. Concurrent with the closing of the transaction, we sold, in a separate transaction, Desser Aerospace’s propriety solutions businesses to Loar Group Inc. (“Loar”) for cash consideration of $30.0 million (the “Loar Sale”). During the three and six months ended June 30, 2023, we incurred $0.6 million and $1.7 million, respectively, of acquisition-related expenses, which are included in selling, general and administrative expenses. Credit Agreement Amendment In July 2023, we entered into a fifth amendment to our credit agreement which, among other things, provided for the following: (i) the extension of a new term loan in the aggregate principal amount of $90.0 million, which will mature on the same date as the existing term loan; (ii) a reduction in our capacity to incur incremental revolving or term loan credit facilities from $100.0 million to $25.0 million; (iii) quarterly amortization payments for the new term loan in the amount of $2.25 million; (iv) an increase in the maximum Total Funded Debt to EBITDA Ratio from 4.50x to 5.00x, with such ratios decreasing thereafter; (v) the addition of a tier to the top of the pricing grid if the Total Funded Debt to EBITDA ratio exceeds 4.50x; and (vi) expressly permitting the Desser acquisition and the Loar Sale. The net proceeds received under the new term loan were used to fund a portion of the cash consideration for the Desser Aerospace acquisition. Interest Rate Swap Derivative In July 2023, we executed a fixed interest rate swap that hedges the variability in interest payments on $100.0 million of floating rate debt. We have designated, and will account for, this fixed interest rate swap as a cash flow hedge. Underwritten Public Offering In July 2023, we entered into an underwriting agreement with William Blair & Company, L.L.C and RBC Capital Markets, acting as representatives of several underwriters, relating to the issuance and sale of 2,475,000 shares of the Company's common stock at a public offering price of $48.50 per share. Under the terms of the agreement, we granted the underwriters an option, exercisable for 30 days, to purchase up to an additional 371,250 shares of common stock. The offering closed on July 24, 2023 and we received net proceeds of $112.7 million in connection with the offering, net of issuance costs.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023		Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 8,855	$ 7,548	$ 17,972	[1]	$ 13,792	[1]
[1](a) The cash flows related to discontinued operations and held-for-sale assets and liabilities have not been segregated, and remain included in the major classes of assets and liabilities. Accordingly, the Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2023
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 year ended December 31, 2022 ("2022 Form 10-K"). In our opinion, all adjustments, including normal recurring items, considered necessary for a fair presentation of results for the interim periods have been included in the accompanying unaudited consolidated financial statements. Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023. On May 1, 2023, we entered into a definitive agreement to sell our Federal and Defense segment. The consolidated financial statements present the Federal and Defense segment's results of operations as discontinued operations, and the related assets and liabilities as held-for-sale for all periods presented. See Note (3) "Discontinued Operations" for further discussion. Following the completion of the sale transaction, our operations are conducted under two operating segments: Aviation and Fleet.
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.
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.
Business 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, and the United States Postal Service ("USPS"). 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.

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations	The results of operations from discontinued operations for the three and six months ended June 30, 2023 and 2022, consist of the following (in thousands): For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Revenues $ 67,039 $ 71,953 $ 133,885 $ 142,871 (Loss) income from discontinued operations before income taxes $ (1,779) $ 3,616 $ (621) $ 3,514 Provision for income taxes (545) 823 (384) 766 Net (loss) income from discontinued operations $ (1,234) $ 2,793 $ (237) $ 2,748 The assets and liabilities reported as held for sale consist of the following (in thousands): June 30, December 31, 2023 2022 Assets Cash and cash equivalents $ 178 $ 173 Accounts receivable, net 12,385 14,340 Unbilled receivables 32,188 30,898 Inventories 453 270 Other current assets 8,760 9,244 Property and equipment, net 6,612 7,467 Intangible assets, net 3,505 4,066 Goodwill 31,575 31,575 Operating lease right-of-use assets 11,369 12,854 Other assets 34 51 Total assets held-for-sale (a) $ 107,059 $ 110,938 Liabilities Accounts payable $ 27,810 $ 31,096 Accrued expenses and other current liabilities 20,609 21,833 Long-term operating lease obligations 11,186 13,186 Deferred tax liabilities 4,465 4,635 Total liabilities held-for-sale (a) $ 64,070 $ 70,750 (a) Amounts have been classified as current for the current period consolidated balance sheet and as current and non-current in the consolidated balance sheet for the prior year period. Selected financial information related to cash flows from discontinued operations is as follows (in thousands): For the six months ended June 30, 2023 2022 Depreciation and amortization $ 1,437 $ 1,917 Purchases of property and equipment $ 92 $ 144 Stock-based compensation $ 73 $ 20

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	A summary of revenues by customer for each of our operating segments for the three and six months ended June 30, 2023 and 2022 is as follows (in thousands): Three months ended June 30, 2023 Six months ended June 30, 2023 Aviation Fleet Total Aviation Fleet Total Commercial $ 123,820 $ 38,037 $ 161,857 $ 235,880 $ 70,581 $ 306,461 Other government 909 42,457 43,366 2,084 85,265 87,349 Total $ 124,729 $ 80,494 $ 205,223 $ 237,964 $ 155,846 $ 393,810 Three months ended June 30, 2022 Six months ended June 30, 2022 Aviation Fleet Total Aviation Fleet Total Commercial $ 103,349 $ 26,007 $ 129,356 $ 195,261 $ 53,863 $ 249,124 DoD — 1,264 1,264 — 2,993 2,993 Other government 1,670 37,471 39,141 3,048 74,916 77,964 Total $ 105,019 $ 64,742 $ 169,761 $ 198,309 $ 131,772 $ 330,081 A summary of revenues by type for each of our operating segments for the three and six months ended June 30, 2023 and 2022 is as follows (in thousands): Three months ended June 30, 2023 Six months ended June 30, 2023 Aviation Fleet Total Aviation Fleet Total Repair $ 35,561 $ — $ 35,561 $ 67,615 $ — $ 67,615 Distribution 89,168 80,494 169,662 170,349 155,846 326,195 Total $ 124,729 $ 80,494 $ 205,223 $ 237,964 $ 155,846 $ 393,810 Three months ended June 30, 2022 Six months ended June 30, 2022 Aviation Fleet Total Aviation Fleet Total Repair $ 25,966 $ — $ 25,966 $ 48,329 $ — $ 48,329 Distribution 79,053 64,742 143,795 149,980 131,772 281,752 Total $ 105,019 $ 64,742 $ 169,761 $ 198,309 $ 131,772 $ 330,081 Contract balances were as follows (in thousands): June 30, December 31, Financial Statement Classification 2023 2022 Contract assets Unbilled receivables $ 6,229 $ 7,409 Contract liabilities Accrued expenses and other current liabilities $ 2,561 $ 963

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following (in thousands): June 30, December 31, 2023 2022 Bank credit facility - term loan $ 95,000 $ 100,000 Bank credit facility - revolving facility 282,000 188,610 Principal amount of long-term debt 377,000 288,610 Less debt issuance costs (1,890) (2,310) Total long-term debt 375,110 286,300 Less current portion (10,000) (10,000) Long-term debt, less current portion $ 365,110 $ 276,300
Schedule of Term Loan Payments	Future required term loan and revolving facility payments as of June 30, 2023 are as follows (in thousands): Year Ending Term Loan Revolving Facility Total Remainder of 2023 $ 5,000 $ — $ 5,000 2024 10,000 — 10,000 2025 80,000 282,000 362,000 Total $ 95,000 $ 282,000 $ 377,000 We were in compliance with required ratios and other terms and conditions under our credit agreement as of June 30, 2023.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	Our derivative instruments designated as cash flow hedges as of June 30, 2023 were (in thousands): Notional Amount Paid Fixed Rate Receive Variable Rate Settlement and Termination Interest rate swaps $150,000 2.8% 1-month term SOFR Monthly through October 31, 2027

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 2022 2023 2022 Basic weighted average common shares outstanding 12,886,100 12,778,355 12,865,394 12,760,026 Effect of dilutive shares 30,898 32,723 56,432 47,223 Diluted weighted average common shares outstanding 12,916,998 12,811,078 12,921,826 12,807,249

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Information	Our segment information is as follows (in thousands): Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Revenues: Aviation $ 124,729 $ 105,019 $ 237,964 $ 198,309 Fleet 80,494 64,742 155,846 131,772 Total revenues $ 205,223 $ 169,761 $ 393,810 $ 330,081 Operating income (loss): Aviation $ 15,783 $ 6,450 $ 31,447 $ 14,072 Fleet 7,854 5,366 13,753 11,747 Corporate/unallocated expenses (a) (3,000) (1,281) (7,785) (3,267) Operating income $ 20,637 $ 10,535 $ 37,415 $ 22,552 (a) Certain corporate costs previously allocated to the Federal and Defense business for segment reporting purposes did not qualify for classification within discontinued operations and have been reallocated to continuing operations.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill by Operating Segment	Changes in the carrying amount of goodwill by segment for the six months ended June 30, 2023 were as follows (in thousands): Aviation Fleet Total Balance as of December 31, 2022 $ 154,072 $ 63,190 $ 217,262 Acquisitions 4,761 — 4,761 Balance as of June 30, 2023 $ 158,833 $ 63,190 $ 222,023
Schedule of Intangible Assets	Intangible assets consisted of the following (in thousands): Gross carrying value Accumulated amortization Net carrying value June 30, 2023 Contract and customer-related $ 202,940 $ (120,760) $ 82,180 Trade names 8,670 (8,032) 638 Total $ 211,610 $ (128,792) $ 82,818 December 31, 2022 Contract and customer-related $ 199,140 $ (113,796) $ 85,344 Trade names 8,670 (7,456) 1,214 Total $ 207,810 $ (121,252) $ 86,558
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of June 30, 2023, the estimated future annual amortization expense related to intangible assets is as follows (in thousands): Year Ending Remainder of 2023 $ 5,114 2024 9,136 2025 9,074 2026 8,950 2027 7,204 Thereafter 43,340 Total $ 82,818

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 and December 31, 2022 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, 2023 Fair Value December 31, 2022 Non-COLI assets held in Deferred Supplemental Compensation Plan (a) Other assets Level 1 $ 576 $ 539 Interest rate swaps Other assets Level 2 $ 7,103 $ 6,620 (a) 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.

Nature of Operations and Basi_3

Nature of Operations and Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 2023 segment
Accounting Policies [Abstract]
Number of operating segments	2

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Feb. 01, 2023	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 222,023	$ 222,023	$ 217,262
Acquisition related expenses		$ 600	1,700
Precision Fuel
Business Acquisition [Line Items]
Purchase price	$ 11,700
Goodwill	4,800
Acquisition related expenses			$ 200
Precision Fuel | Net Tangible Assets, Excluding Customer Relationships
Business Acquisition [Line Items]
Intangible assets	3,100
Precision Fuel | Customer Relationships
Business Acquisition [Line Items]
Intangible assets	$ 3,800

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - Federal And Defense Segment $ in Millions	May 01, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration on disposal	$ 100
Proceeds from sale of business	50
Earn-out payments to be received	$ 50

Discontinued Operations - Incom

Discontinued Operations - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Loss) income from discontinued operations, net of tax	$ (1,234)	$ 2,793	$ (237)	$ 2,748
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Federal And Defense Segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	67,039	71,953	133,885	142,871
(Loss) income from discontinued operations before income taxes	(1,779)	3,616	(621)	3,514
Provision for income taxes	(545)	823	(384)	766
(Loss) income from discontinued operations, net of tax	$ (1,234)	$ 2,793	$ (237)	$ 2,748

Discontinued Operations - Balan

Discontinued Operations - Balance Sheet (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - Federal And Defense Segment - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 178	$ 173
Accounts receivable, net	12,385	14,340
Unbilled receivables	32,188	30,898
Inventories	453	270
Other current assets	8,760	9,244
Property and equipment, net	6,612	7,467
Intangible assets, net	3,505	4,066
Goodwill	31,575	31,575
Operating lease right-of-use assets	11,369	12,854
Other assets	34	51
Total assets of discontinued operations	107,059	110,938
Liabilities
Accounts payable	27,810	31,096
Accrued expenses and other current liabilities	20,609	21,833
Long-term operating lease obligations	11,186	13,186
Deferred tax liabilities	4,465	4,635
Total liabilities of discontinued operations	$ 64,070	$ 70,750

Discontinued Operations - Cash

Discontinued Operations - Cash Flows Statement (Details) - Federal And Defense Segment - Discontinued Operations, Disposed of by Sale - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization	$ 1,437	$ 1,917
Purchases of property and equipment	92	144
Stock-based compensation	$ 73	$ 20

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 205,223	$ 169,761	$ 393,810	$ 330,081
Unbilled receivables	6,229		6,229		$ 7,409
Contract liabilities	2,561		2,561		$ 963
Repair
Disaggregation of Revenue [Line Items]
Revenues	35,561	25,966	67,615	48,329
Distribution
Disaggregation of Revenue [Line Items]
Revenues	169,662	143,795	326,195	281,752
Commercial
Disaggregation of Revenue [Line Items]
Revenues	161,857	129,356	306,461	249,124
DoD
Disaggregation of Revenue [Line Items]
Revenues		1,264		2,993
Other government
Disaggregation of Revenue [Line Items]
Revenues	43,366	39,141	87,349	77,964
Aviation
Disaggregation of Revenue [Line Items]
Revenues	124,729	105,019	237,964	198,309
Aviation | Repair
Disaggregation of Revenue [Line Items]
Revenues	35,561	25,966	67,615	48,329
Aviation | Distribution
Disaggregation of Revenue [Line Items]
Revenues	89,168	79,053	170,349	149,980
Aviation | Commercial
Disaggregation of Revenue [Line Items]
Revenues	123,820	103,349	235,880	195,261
Aviation | DoD
Disaggregation of Revenue [Line Items]
Revenues		0		0
Aviation | Other government
Disaggregation of Revenue [Line Items]
Revenues	909	1,670	2,084	3,048
Fleet
Disaggregation of Revenue [Line Items]
Revenues	80,494	64,742	155,846	131,772
Fleet | Repair
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Fleet | Distribution
Disaggregation of Revenue [Line Items]
Revenues	80,494	64,742	155,846	131,772
Fleet | Commercial
Disaggregation of Revenue [Line Items]
Revenues	38,037	26,007	70,581	53,863
Fleet | DoD
Disaggregation of Revenue [Line Items]
Revenues		1,264		2,993
Fleet | Other government
Disaggregation of Revenue [Line Items]
Revenues	$ 42,457	$ 37,471	$ 85,265	$ 74,916

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 0.8	$ 0.5

Debt - Long-term debt (Details)

Debt - Long-term debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt	$ 377,000	$ 288,610
Less debt issuance costs	(1,890)	(2,310)
Total long-term debt	375,110	286,300
Less current portion	(10,000)	(10,000)
Long-term debt, less current portion	365,110	276,300
Term Loan
Debt Instrument [Line Items]
Long-term debt	95,000	100,000
Revolving Facility
Debt Instrument [Line Items]
Long-term debt	$ 282,000	$ 188,610

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jul. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
2023	$ 5,000,000		$ 5,000,000
2024	10,000,000		10,000,000
2025	$ 362,000,000		$ 362,000,000
Loans Payable And Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate range	7.51%		7.51%
Interest expense, net	$ 7,900,000	$ 3,700,000	$ 14,300,000	$ 7,100,000
Revolving Facility
Debt Instrument [Line Items]
Interest rate range	7.62%		7.62%
Letters of credit outstanding	$ 700,000		$ 700,000			$ 1,000,000
2023	0		0
2024	0		0
2025	282,000,000		282,000,000
Revolving Facility | Subsequent Event
Debt Instrument [Line Items]
2023					$ 9,500,000
2024					19,000,000
2025					$ 156,500,000
Term Loan
Debt Instrument [Line Items]
2023	5,000,000		5,000,000
2024	10,000,000		10,000,000
2025	$ 80,000,000		$ 80,000,000

Debt - Loan Payments (Details)

Debt - Loan Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Long-term Debt, Fiscal Year Maturity [Abstract]
2023	$ 5,000
2024	10,000
2025	362,000
Long-term debt	377,000	$ 288,610
Long-term debt	377,000	288,610
Term Loan
Long-term Debt, Fiscal Year Maturity [Abstract]
2023	5,000
2024	10,000
2025	80,000
Long-term debt	95,000
Long-term debt	95,000
Revolving Facility
Long-term Debt, Fiscal Year Maturity [Abstract]
2023	0
2024	0
2025	282,000
Long-term debt	282,000	188,610
Long-term debt	$ 282,000	$ 188,610

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Details) - Cash Flow Hedging $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 3,600	$ 3,600
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 150,000	$ 150,000
Paid Fixed Rate	2.80%	2.80%
Reclassification	$ 800	$ 1,500

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding (in shares)	12,886,100	12,778,355	12,865,394	12,760,026
Effect of dilutive shares (in shares)	30,898	32,723	56,432	47,223
Diluted weighted average common shares outstanding (in shares)	12,916,998	12,811,078	12,921,826	12,807,249

Business Segments - Segment Inf

Business Segments - Segment Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment			2
Segment Reporting Information [Line Items]
Revenues	$ 205,223	$ 169,761	$ 393,810	$ 330,081
Operating income (loss)	20,637	10,535	37,415	22,552
Corporate/unallocated expenses(a)
Segment Reporting Information [Line Items]
Operating income (loss)	(3,000)	(1,281)	(7,785)	(3,267)
Aviation
Segment Reporting Information [Line Items]
Revenues	124,729	105,019	237,964	198,309
Aviation | Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	15,783	6,450	31,447	14,072
Fleet
Segment Reporting Information [Line Items]
Revenues	80,494	64,742	155,846	131,772
Fleet | Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	$ 7,854	$ 5,366	$ 13,753	$ 11,747

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill Roll Forward (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Balance as of beginning of period	$ 217,262
Balance as of end of period	222,023
Aviation
Goodwill [Roll Forward]
Balance as of beginning of period	154,072
Acquisitions	4,761
Balance as of end of period	158,833
Fleet
Goodwill [Roll Forward]
Balance as of beginning of period	63,190
Acquisitions	0
Balance as of end of period	63,190
Federal And Defense Segment
Goodwill [Roll Forward]
Balance as of beginning of period	217,262
Acquisitions	4,761
Balance as of end of period	$ 222,023

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 211,610	$ 207,810
Accumulated amortization	(128,792)	(121,252)
Net carrying value	82,818	86,558
Contract and customer-related
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	202,940	199,140
Accumulated amortization	(120,760)	(113,796)
Net carrying value	82,180	85,344
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	8,670	8,670
Accumulated amortization	(8,032)	(7,456)
Net carrying value	$ 638	$ 1,214

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Future Expected Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 5,114
2024	9,136
2025	9,074
2026	8,950
2027	7,204
Thereafter	43,340
Net carrying value	$ 82,818	$ 86,558

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities (Details) - Fair Value, Measurements, Recurring - Other assets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-COLI assets held in Deferred Supplemental Compensation Plan(a)	$ 576	$ 539
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	$ 7,103	$ 6,620

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	24%	28.60%	24.30%	26.70%

Subsequent Events (Details)

Subsequent Events (Details)	1 Months Ended		3 Months Ended	6 Months Ended
	Jul. 27, 2023 USD ($) $ / shares shares	May 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jul. 26, 2023 USD ($)
Subsequent Event [Line Items]
Acquisition related expenses			$ 600,000	$ 1,700,000
Subsequent Event
Subsequent Event [Line Items]
Interest payments on derivatives	$ 100,000,000
Public offering, issued (in shares) | shares	2,475,000
Public offering, price (in dollars per share) | $ / shares	$ 48.50
Public offering, additional shares issued (in shares) | shares	371,250
Public offering proceeds	$ 112,700,000
Subsequent Event | Line of Credit | Term Loan
Subsequent Event [Line Items]
Principal amount	90,000,000
Quarterly amortization payments	$ 2,250,000
Total funded debt to EBITDA ratio	5				4.50
Subsequent Event | Line of Credit | Revolving Facility
Subsequent Event [Line Items]
Principal amount	$ 25,000,000				$ 100,000,000
Desser Aerospace
Subsequent Event [Line Items]
Preliminary purchase price		$ 124,000,000
Loar
Subsequent Event [Line Items]
Purchase price		$ 30,000,000