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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark one) | | | | | |
☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2023 |
☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _____to _____ |
Commission File Number 001-35476
Air T, Inc.
(Exact name of registrant as specified in its charter) | | | | | |
Delaware | 52-1206400 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
11020 David Taylor Drive, Suite 305, Charlotte, North Carolina 28262
(Address of principal executive offices, including zip code)
(980) 595 – 2840
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock | AIRT | NASDAQ Global Market |
Alpha Income Preferred Securities (also referred to as 8% Cumulative Capital Securities) (“TruPs”)* | AIRTP | NASDAQ Global Market |
*Issued by Air T Funding | | |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x No ☐
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes x No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. | | | | | | | | | | | | | | |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |
| | | | |
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |
| | | | |
| | Emerging growth company | ☐ | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No x
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. | | | | | |
Common Stock | Common Shares, par value of $.25 per share |
Outstanding Shares at July 31, 2023 | 2,817,754 |
AIR T, INC. AND SUBSIDIARIES
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS | | | | | | | | |
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Item 3. | | |
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Item 5. | | |
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| Exhibit Index | |
| Certifications | |
| Interactive Data Files | |
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Item 1. Financial Statements
AIR T, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(UNAUDITED)
| | | | | | | | | | | |
(in thousands, except per share data) | Three Months Ended June 30, |
| 2023 | | 2022 |
Operating Revenues: | | | |
Overnight air cargo | $ | 27,728 | | | $ | 20,564 | |
Ground equipment sales | 11,787 | | | 5,815 | |
Commercial jet engines and parts | 29,846 | | | 22,855 | |
Corporate and other | 2,070 | | | 1,628 | |
| 71,431 | | | 50,862 |
| | | |
Operating Expenses: | | | |
Overnight air cargo | 23,712 | | | 18,071 | |
Ground equipment sales | 10,338 | | | 4,432 | |
Commercial jet engines and parts | 23,279 | | | 14,885 | |
General and administrative | 12,754 | | | 11,779 | |
Depreciation and amortization | 690 | | | 861 | |
| 70,773 | | | 50,028 | |
| | | |
Operating Income | 658 | | | 834 | |
| | | |
Non-operating (Expense) Income: | | | |
Interest expense | (1,808) | | | (1,822) | |
Income from equity method investments | 691 | | | 532 | |
Other | 643 | | | (154) | |
| (474) | | | (1,444) | |
| | | |
Income (Loss) before income taxes | 184 | | | (610) | |
| | | |
Income Tax Expense | 211 | | | 192 | |
| | | |
Net Loss | (27) | | | (802) | |
| | | |
Net Income Attributable to Non-controlling Interests | (504) | | | (631) | |
| | | |
Net Loss Attributable to Air T, Inc. Stockholders | $ | (531) | | | $ | (1,433) | |
| | | |
Loss per share (Note 6) | | | |
Basic | $ | (0.19) | | | $ | (0.50) | |
Diluted | $ | (0.19) | | | $ | (0.50) | |
| | | |
Weighted Average Shares Outstanding: | | | |
Basic | 2,818 | | | 2,866 | |
Diluted | 2,818 | | | 2,866 | |
See notes to condensed consolidated financial statements.
AIR T, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
| | | | | | | | | | | |
| Three Months Ended June 30, |
(In Thousands) | 2023 | | 2022 |
Net Loss | $ | (27) | | | $ | (802) | |
Foreign currency translation loss | (65) | | | (529) | |
Unrealized gain on interest rate swaps | 24 | | | 475 | |
Reclassification of interest rate swaps into earnings | (192) | | | 17 | |
Total Other Comprehensive Loss | (233) | | | (37) | |
Total Comprehensive Loss | (260) | | | (839) | |
Comprehensive Income Attributable to Non-controlling Interests | (504) | | | (631) | |
Comprehensive Loss Attributable to Air T, Inc. Stockholders | $ | (764) | | | $ | (1,470) | |
See notes to condensed consolidated financial statements.
AIR T, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| | | | | | | | | | | |
(In thousands, except per share data) | June 30, 2023 | | March 31, 2023 |
ASSETS | | | |
Current Assets: | | | |
Cash and cash equivalents | $ | 5,659 | | | $ | 5,806 | |
Marketable securities | 365 | | | — | |
Restricted cash | 762 | | | 1,284 | |
Restricted investments | 1,634 | | | 2,161 | |
Accounts receivable, net of allowance for doubtful accounts of $1,295 and $1,160 | 32,004 | | | 27,218 | |
Income tax receivable | 223 | | | 536 | |
Inventories, net | 64,406 | | | 71,125 | |
Employee retention credit receivable | — | | | 940 | |
Other current assets | 7,793 | | | 7,487 | |
Total Current Assets | 112,846 | | | 116,557 | |
| | | |
Assets on lease or held for lease, net of accumulated depreciation of $38 and $223 | 16 | | | 83 | |
Property and equipment, net of accumulated depreciation of $6,946 and $6,624 | 21,488 | | | 21,439 | |
Intangible assets, net of accumulated amortization of $4,493 and $4,191 | 11,834 | | | 12,103 | |
Right-of-use ("ROU") assets | 12,133 | | | 11,666 | |
Equity method investments | 13,954 | | | 13,230 | |
Goodwill | 10,560 | | | 10,563 | |
Other assets | 4,365 | | | 3,921 | |
Total Assets | 187,196 | | | 189,562 | |
| | | |
LIABILITIES AND STOCKHOLDERS' EQUITY | | | |
Current Liabilities: | | | |
Accounts payable | 10,580 | | | 10,449 | |
Income tax payable | — | | | 304 | |
Accrued expenses and other (Note 4) | 14,643 | | | 13,133 | |
Current portion of long-term debt | 22,721 | | | 38,736 | |
Short-term lease liability | 1,832 | | | 1,664 | |
Total Current Liabilities | 49,776 | | | 64,286 | |
| | | |
Long-term debt | 98,537 | | | 86,349 | |
Deferred income tax liabilities, net | 2,581 | | | 2,417 | |
Long-term lease liability | 11,011 | | | 10,771 | |
Other non-current liabilities | 47 | | | 47 | |
Total Liabilities | 161,952 | | | 163,870 | |
| | | |
Redeemable non-controlling interest | 12,837 | | | 12,710 | |
| | | |
Commitments and contingencies (Note 16) | | | |
| | | |
Equity: | | | |
Air T, Inc. Stockholders' Equity: | | | |
Preferred stock, $1.00 par value, 2,000,000 shares authorized | — | | | — | |
Common stock, $.25 par value; 4,000,000 shares authorized, 3,026,495 and 3,026,495 shares issued, 2,817,754 and 2,818,374 shares outstanding | 757 | | | 757 | |
Treasury stock, 208,741 shares at $19.63 and 208,121 shares at $19.62 | (4,098) | | | (4,083) | |
Additional paid-in capital | 807 | | | 728 | |
Retained earnings | 13,289 | | | 13,686 | |
Accumulated other comprehensive income | 583 | | | 816 | |
Total Air T, Inc. Stockholders' Equity | 11,338 | | | 11,904 | |
Non-controlling Interests | 1,069 | | | 1,078 | |
Total Equity | 12,407 | | | 12,982 | |
Total Liabilities and Equity | $ | 187,196 | | | $ | 189,562 | |
See notes to condensed consolidated financial statements.
AIR T, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| | | | | | | | | | | |
(In Thousands) | Three Months Ended June 30, |
| 2023 | | 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | |
Net loss | $ | (27) | | | $ | (802) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | | | |
Depreciation and amortization | 690 | | | 861 | |
Income from equity method of investments | (691) | | | (532) | |
| | | |
| | | |
Other | 479 | | | 272 | |
Change in operating assets and liabilities: | | | |
Accounts receivable | (4,921) | | | 3,718 | |
Inventories | 6,751 | | | (7,844) | |
Accounts payable | 131 | | | 1,640 | |
Accrued expenses | 1,424 | | | 700 | |
Employee retention credit receivable | 940 | | | 1,449 | |
Other | (1,292) | | | (1,993) | |
Net cash provided by (used in) operating activities | 3,484 | | | (2,531) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | |
Investment in unconsolidated entities | (417) | | | (880) | |
| | | |
Capital expenditures related to property & equipment | (404) | | | (351) | |
Capital expenditures related to assets on lease or held for lease | — | | | (20) | |
Other | 800 | | | 191 | |
Net cash used in investing activities | (21) | | | (1,060) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | |
Proceeds from lines of credit | 34,186 | | | 29,839 | |
Payments on lines of credit | (36,820) | | | (30,583) | |
Proceeds from term loan | — | | | 6,177 | |
Payments on term loan | (1,261) | | | (836) | |
| | | |
Other | (181) | | | (24) | |
Net cash (used in) provided by financing activities | (4,076) | | | 4,573 | |
Effect of foreign currency exchange rates on cash and cash equivalents | (56) | | | 173 | |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (669) | | | 1,155 | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 7,090 | | | 8,368 | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $ | 6,421 | | | $ | 9,523 | |
See notes to condensed consolidated financial statements.
AIR T, INC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(In Thousands) | Common Stock | | Treasury Stock | | Additional Paid-In Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Non-controlling Interests | | Total Equity |
| Shares | | Amount | | Shares | | Amount | | | | | |
Balance, March 31, 2022 | 3,023 | | | $ | 756 | | | 156 | | | $ | (3,002) | | | $ | 393 | | | $ | 26,729 | | | $ | (263) | | | $ | 1,104 | | | $ | 25,717 | |
| | | | | | | | | | | | | | | | | |
Net loss* | — | | | — | | | — | | | — | | | — | | | (1,433) | | | — | | | (6) | | | (1,439) | |
| | | | | | | | | | | | | | | | | |
Stock compensation expense | — | | | — | | | — | | | — | | | 79 | | | — | | | — | | | — | | | 79 | |
| | | | | | | | | | | | | | | | | |
Foreign currency translation loss | — | | | — | | | — | | | — | | | — | | | — | | | (529) | | | — | | | (529) | |
| | | | | | | | | | | | | | | | | |
Adjustment to fair value of redeemable non-controlling interests | — | | | — | | | — | | | — | | | — | | | 926 | | | — | | | — | | | 926 | |
| | | | | | | | | | | | | | | | | |
Unrealized gain on interest rate swaps, net of tax | — | | | — | | | — | | | — | | | — | | | — | | | 475 | | | — | | | 475 | |
| | | | | | | | | | | | | | | | | |
Reclassification of interest rate swaps into earnings | — | | | — | | | — | | | — | | | — | | | — | | | 17 | | | — | | | 17 | |
| | | | | | | | | | | | | | | | | |
Balance, June 30, 2022 | 3,023 | | | $ | 756 | | | 156 | | | $ | (3,002) | | | $ | 472 | | | $ | 26,222 | | | $ | (300) | | | $ | 1,098 | | | $ | 25,246 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(In Thousands) | Common Stock | | Treasury Stock | | Additional Paid-In Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Non-controlling Interests | | Total Equity |
| Shares | | Amount | | Shares | | Amount | | | | | |
Balance, March 31, 2023 | 3,027 | | | $ | 757 | | | 208 | | | $ | (4,083) | | | $ | 728 | | | $ | 13,686 | | | $ | 816 | | | $ | 1,078 | | | $ | 12,982 | |
| | | | | | | | | | | | | | | | | |
Net loss* | — | | | — | | | — | | | — | | | — | | | (531) | | | — | | | (9) | | | (540) | |
| | | | | | | | | | | | | | | | | |
Repurchase of common stock | — | | | — | | | 1 | | | (15) | | | | | — | | | — | | | — | | | (15) | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Stock compensation expense | — | | | — | | | — | | | — | | | 79 | | | — | | | — | | | — | | | 79 | |
| | | | | | | | | | | | | | | | | |
Foreign currency translation loss | — | | | — | | | — | | | — | | | — | | | — | | | (65) | | | — | | | (65) | |
| | | | | | | | | | | | | | | | | |
Adjustment to fair value of redeemable non-controlling interest | — | | | — | | | — | | | — | | | — | | | 134 | | | — | | | — | | | 134 | |
| | | | | | | | | | | | | | | | | |
Unrealized gain on interest rate swaps, net of tax | — | | | — | | | — | | | — | | | — | | | — | | | 24 | | | — | | | 24 | |
| | | | | | | | | | | | | | | | | |
Reclassification of interest rate swaps into earnings | — | | | — | | | — | | | — | | | — | | | — | | | (192) | | | — | | | (192) | |
| | | | | | | | | | | | | | | | | |
Balance, June 30, 2023 | 3,027 | | | $ | 757 | | | 209 | | | $ | (4,098) | | | $ | 807 | | | $ | 13,289 | | | $ | 583 | | | $ | 1,069 | | | $ | 12,407 | |
*Excludes amount attributable to redeemable non-controlling interests in Contrail Aviation Support, LLC ("Contrail") and Shanwick B.V. ("Shanwick")
See notes to condensed consolidated financial statements.
AIR T, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1. Financial Statement Presentation
The condensed consolidated financial statements of Air T, Inc. (“Air T”, the “Company”, “we”, “us” or “our”) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results for the periods presented have been made.
These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended March 31, 2023. The results of operations for the period ended June 30, 2023 are not necessarily indicative of the operating results for the full year.
The accompanying financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
Recently Issued Accounting Pronouncements
In March 2020, the FASB issued ASU 2020-04- Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this Update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In December 2022, the FASB issued ASU 2022-06- Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. The amendments in this Update defer the implementation deadline of Topic 848 from December 31, 2022, to December 31, 2024. The Company is currently in the process of converting its LIBOR-based contracts, hedging relationships, and other transactions to other reference rates and anticipates that this process will be complete by September 30, 2023.
2. Acquisitions
Worldwide Aviation Services, Inc.
On January 31, 2023, the Company acquired Worldwide Aircraft Services, Inc. ("WASI"), a Kansas corporation that services the aircraft industry across the United States and internationally through the operation of a repair station which is located in Springfield, Missouri at the Branson National Airport. The acquisition was funded with cash and the loans described in Note 12 of this report. WASI is included within the Overnight air cargo segment. The acquisition date's fair value of the consideration is summarized in the table below (in thousands):
| | | | | |
| January 31, 2023 |
Cash consideration | $ | 1,628 | |
Seller's Note | 1,370 | |
| |
Total consideration | $ | 2,998 | |
The transaction was accounted for as a business combination in accordance with ASC Topic 805 "Business Combinations." Assets acquired and liabilities assumed were recorded in the accompanying consolidated balance sheet at their fair values as of January 31, 2023, with the excess of total consideration above fair value of net assets acquired recorded as goodwill. The following table outlines the consideration transferred and purchase price allocation at the respective fair values as of January 31, 2023 (in thousands):
| | | | | |
| January 31, 2023 |
ASSETS | |
Accounts receivable | $ | 1,037 | |
Inventory | 517 |
Other current assets | 97 |
Property, plant and equipment, net | 403 |
Intangible -Trade Name | 342 |
Intangible - Non-competition Agreement | 19 |
Intangible - Customer Relationships | 683 |
Other assets | 20 |
Total assets | $ | 3,118 | |
| |
LIABILITIES | |
Accounts payable | 61 |
Accrued expenses and deferred revenue | 635 |
Total liabilities | $ | 696 | |
| |
Net assets acquired | $ | 2,422 | |
| |
Consideration paid | 2,998 | |
Less: Cash acquired | (500) | |
Less: Net assets acquired | (2,422) | |
Goodwill | $ | 76 | |
As of March 31, 2023, the purchase price allocation was final. The following table sets forth the revenue and expenses of WASI that are included in the Company’s condensed consolidated statement of income for the fiscal year ended March 31, 2023 (in thousands):
| | | | | |
| Income Statement Post-Acquisition |
Revenue | $ | 929 | |
Cost of Sales | 676 | |
Operating Expenses | 425 | |
Operating Loss | (172) | |
Non-operating expense | (22) | |
Net loss | $ | (194) | |
Pro forma financial information is not presented as the results are not material to the Company’s consolidated financial statements.
GdW Beheer B.V.
On February 10, 2022, the Company acquired GdW, a Dutch holding company in the business of providing global aviation data and information. The acquisition was completed through a wholly-owned subsidiary of the Company, Air T Acquisition 22.1, LLC ("Air T Acquisition 22.1"), a Minnesota limited liability company, through its Dutch subsidiary, Shanwick, and was funded with cash, investment by executive management of the underlying business, and the loans described in Note 12. As part of the transaction, the executive management of the underlying business purchased 30.0% of Shanwick. Air T Acquisition 22.1 and its consolidated subsidiaries are included within the Corporate and other segment. GdW was administratively dissolved on June 24, 2022 with Shanwick as the surviving entity.
Subsequent to the acquisition date, the Company made certain measurement period adjustments to the preliminary purchase price allocation, which resulted in an increase to goodwill of $0.3 million. The increase is attributable to a measurement period adjustment of $0.3 million related to certain intangible assets acquired and related deferred tax liabilities assumed due to clarification of information utilized to determine fair value during the measurement period. As of June 30, 2022, the measurement period was completed and all adjustments are reflected in the tables below.
Total consideration is summarized in the table below (in thousands):
| | | | | |
| February 10, 2022 |
Consideration paid | $ | 15,256 | |
Less: Cash acquired | (2,452) | |
Less: Net assets acquired | (6,520) | |
Goodwill | $ | 6,284 | |
The transaction was accounted for as a business combination in accordance with ASC Topic 805 "Business Combinations." Assets acquired and liabilities assumed were recorded in the accompanying consolidated balance sheet at their fair values as of February 10, 2022, with the excess of total consideration over fair value of net assets acquired recorded as goodwill. The following table outlines the consideration transferred and purchase price allocation at the respective fair values as of February 10, 2022 (in thousands):
| | | | | |
| February 10, 2022 |
ASSETS | |
Accounts Receivable | $ | 715 | |
Other current assets | 67 |
Property, plant and equipment, net | 40 |
Intangible - Proprietary Database | 2,576 |
Intangible - Customer Relationships | 7,267 |
Total assets | 10,665 |
| |
LIABILITIES | |
Accounts payable | 15 |
Accrued expenses and deferred revenue | 1,670 |
Deferred income tax liabilities, net | 2,460 |
Total liabilities | 4,145 | |
| |
Net assets acquired | $ | 6,520 | |
The following table sets forth the revenue and expenses of GdW, prior to intercompany eliminations, which are included in the Company’s condensed consolidated statement of income for the fiscal year ended March 31, 2022 (in thousands):
| | | | | |
| Income Statement Post-Acquisition |
Revenue | $ | 887 | |
Cost of Sales | 145 | |
Operating Expenses | 701 | |
Operating Income | 41 | |
Non-operating income | 19 | |
Net income | $ | 60 | |
Pro forma financial information is not presented as the results are not material to the Company’s consolidated financial statements.
3. Revenue Recognition
Substantially all of the Company’s non-lease revenue is derived from contracts with an initial expected duration of one year or less. As a result, the Company has applied the practical expedient to exclude consideration of significant financing components from the determination of transaction price, to expense costs incurred to obtain a contract, and to not disclose the value of unsatisfied performance obligations.
The following is a description of the Company’s performance obligations:
| | | | | |
Type of Revenue | Nature, Timing of Satisfaction of Performance Obligations, and Significant Payment Terms |
Product Sales | The Company generates revenue from sales of various distinct products such as parts, aircraft equipment, jet engines, airframes, and scrap metal to its customers. A performance obligation is created when the Company accepts an order from a customer to provide a specified product. Each product ordered by a customer represents a performance obligation.
The Company recognizes revenue when obligations under the terms of the contract are satisfied; generally, this occurs at a point-in-time upon shipment or when control is transferred to the customer. Transaction prices are based on contracted terms, which are at fixed amounts based on standalone selling prices. While the majority of the Company's contracts do not have variable consideration, for the limited number of contracts that do, the Company records revenue based on the standalone selling price less an estimate of variable consideration (such as rebates, discounts or prompt payment discounts). The Company estimates these amounts based on the expected incentive amount to be provided to customers and reduces revenue accordingly. Performance obligations are short-term in nature and customers are typically billed upon transfer of control. The Company records all shipping and handling fees billed to customers as revenue.
The terms and conditions of the customer purchase orders or contracts are dictated by either the Company’s standard terms and conditions or by a master service agreement or by the contract. |
Support Services | The Company provides a variety of support services such as aircraft maintenance and short-term repair services to its customers. Additionally, the Company operates certain aircraft routes on behalf of FedEx. A performance obligation is created when the Company agrees to provide a particular service to a customer. For each service, the Company recognizes revenues over time as the customer simultaneously receives the benefits provided by the Company's performance. This revenue recognition can vary from when the Company has a right to invoice to the output or input method depending on the structure of the contract and management’s analysis.
For repair-type services, the Company records revenue over-time based on an input method of costs incurred to total estimated costs. The Company believes this is appropriate as the Company is performing labor hours and installing parts to enhance an asset that the customer controls. The vast majority of repair-services are short term in nature and are typically billed upon completion of the service.
Some of the Company’s contracts contain a promise to stand ready as the Company is obligated to perform certain maintenance or administrative services. For most of these contracts, the Company applies the 'as invoiced' practical expedient as the Company has a right to consideration from the customer in an amount that corresponds directly with the value of the entity's performance completed to date. A small number of contracts are accounted for as a series and recognized equal to the amount of consideration the Company is entitled to less an estimate of variable consideration (typically rebates). These services are typically ongoing and are generally billed on a monthly basis. |
In addition to the above type of revenues, the Company also has Leasing Revenue, which is in scope under Topic 842 (Leases) and out of scope under Topic 606 and Other Revenues (Freight, Management Fees, etc.) which are immaterial for disclosure under Topic 606.
The following table summarizes disaggregated revenues by type (in thousands):
| | | | | | | | | | | |
| Three Months Ended June 30, |
| 2023 | | 2022 |
Product Sales | | | |
Air Cargo | $ | 9,171 | | | $ | 6,354 | |
Ground equipment sales | 11,575 | | | 5,577 | |
Commercial jet engines and parts | 26,759 | | | 20,310 | |
Corporate and other | 335 | | | 116 | |
Support Services | | | |
Air Cargo | 18,550 | | | 14,060 | |
Ground equipment sales | 93 | | | 140 | |
Commercial jet engines and parts | 2,946 | | | 1,975 | |
Corporate and other | 1,255 | | | 1,024 | |
Leasing Revenue | | | |
Air Cargo | — | | | — | |
Ground equipment sales | 25 | | | 43 | |
Commercial jet engines and parts | 12 | | | 541 | |
Corporate and other | 387 | | | 388 | |
Other | | | |
Air Cargo | 7 | | | 150 | |
Ground equipment sales | 94 | | | 55 | |
Commercial jet engines and parts | 129 | | | 29 | |
Corporate and other | 93 | | | 100 | |
| | | |
Total | $ | 71,431 | | | $ | 50,862 | |
See Note 14 for the Company's disaggregated revenues by geographic region and Note 15 for the Company’s disaggregated revenues by segment. These notes disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Contract Balances and Costs
Contract liabilities relate to deferred revenue, our unconditional right to receive consideration in advance of performance with respect to subscription revenue and advanced customer deposits with respect to product sales. The following table presents outstanding contract liabilities as of April 1, 2023 and June 30, 2023 and the amount of contract liabilities as of April 1, 2023 that were recognized as revenue during the three-month period ended June 30, 2023 (in thousands):
| | | | | | | | | | | |
| Outstanding contract liabilities | | Outstanding contract liabilities as of April 1, 2023 Recognized as Revenue |
As of June 30, 2023 | $ | 6,315 | | | |
As of April 1, 2023 | $ | 5,000 | | | |
For the three months ended June 30, 2023 | | | $ | 2,078 | |
4. Accrued Expenses and Other
| | | | | | | | | | | |
(in thousands) | June 30, 2023 | | March 31, 2023 |
| | | |
Salaries, wages and related items | $ | 6,351 | | | $ | 4,748 | |
Profit sharing and bonus | 768 | | | 1,672 | |
Other deposits | 2,871 | | | 2,560 | |
Other | 4,653 | | | 4,153 | |
Total | $ | 14,643 | | | $ | 13,133 | |
5. Income Taxes
During the three-month period ended June 30, 2023, the Company recorded $0.2 million in income tax expense at an effective tax rate ("ETR") of 114.7%. The Company records income taxes using an estimated annual effective tax rate for interim reporting. The primary factors contributing to the difference between the federal statutory rate of 21.0% and the Company's effective tax rate for the three-month period ended June 30, 2023 were the change in valuation allowance related to the Company's U.S. consolidated group, Delphax Solutions, Inc. and Delphax Technologies, Inc. (collectively known as "Delphax") and Landing Gear Support Services PTE LTD (known as "LGSS"), the estimated benefit for the exclusion of income for the Company's captive insurance company subsidiary ("SAIC") under Section 831(b), and the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail, and the foreign rate differentials for Air T's operations located in the Netherlands, Puerto Rico, and Singapore.
During the three-month period ended June 30, 2022, the Company recorded $0.2 million in income tax expense at an ETR of (31.5)%. The primary factors contributing to the difference between the federal statutory rate of 21.0% and the Company's effective tax rate for the three-month period ended June 30, 2022 were the change in valuation allowance related to the Company's subsidiaries in the corporate and other segment, Delphax, other capital losses, the estimated benefit for the exclusion of income for the SAIC under Section 831(b), and the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail.
6. Net Earnings (Loss) Per Share
Basic earnings (loss) per share has been calculated by dividing net income (loss) attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings (loss) per share, shares issuable under stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive.
The computation of basic and diluted earnings per common share is as follows (in thousands, except for per share figures):
| | | | | | | | | | | |
| Three Months Ended June 30, |
| 2023 | | 2022 |
Net loss | $ | (27) | | | $ | (802) | |
Net income attributable to non-controlling interests | (504) | | | (631) | |
Net loss attributable to Air T, Inc. Stockholders | $ | (531) | | | $ | (1,433) | |
Loss per share: | | | |
Basic | $ | (0.19) | | | $ | (0.50) | |
Diluted | $ | (0.19) | | | $ | (0.50) | |
Antidilutive shares excluded from computation of loss per share | 5 | | | 7 | |
| | | |
Weighted Average Shares Outstanding: | | | |
Basic | 2,818 | | | 2,866 | |
Diluted | 2,818 | | | 2,866 | |
7. Intangible Assets and Goodwill
Intangible assets as of June 30, 2023 and March 31, 2023 consisted of the following (in thousands):
| | | | | | | | | | | | | | | | | |
| June 30, 2023 |
| Gross Carrying Amount | | Accumulated Amortization | | Net Book Value |
Purchased software | $ | 551 | | | $ | (447) | | | $ | 104 | |
Internally developed software | 3,670 | | (548) | | 3,122 | |
In-place lease and other intangibles | 1,094 | | (259) | | 835 | |
Customer relationships | 8,044 | | (996) | | 7,048 | |
Patents | 1,112 | | (1,106) | | 6 | |
Other | 1,799 | | (1,137) | | 662 | |
| 16,270 | | (4,493) | | 11,777 | |
In-process software | 57 | | — | | 57 | |
Intangible assets, total | $ | 16,327 | | | $ | (4,493) | | | $ | 11,834 | |
| | | | | | | | | | | | | | | | | |
| March 31, 2023 |
| Gross Carrying Amount | | Accumulated Amortization | | Net Book Value |
Purchased software | $ | 544 | | | $ | (433) | | | $ | 111 | |
Internally developed software | 3,672 | | (465) | | 3,207 |
In-place lease and other intangibles | 1,094 | | (229) | | 865 |
Customer relationships | 8,050 | | (851) | | 7,199 |
Patents | 1,112 | | (1,105) | | 7 |
Other | 1,782 | | (1,108) | | 674 |
| 16,254 | | (4,191) | | 12,063 |
In-process software | 40 | | — | | 40 |
Intangible assets, total | $ | 16,294 | | | $ | (4,191) | | | $ | 12,103 | |
Based on the intangible assets recorded at June 30, 2023 and assuming no subsequent additions to, or impairment of the underlying assets, the remaining estimated annual amortization expense is expected to be as follows:
| | | | | |
(In thousands) | |
Year ending March 31, | Amortization |
2024 (excluding the three months ended June 30, 2023) | $ | 920 | |
2025 | 1,166 |
2026 | 1,083 |
2027 | 1,024 |
2028 | 976 |
2029 | 969 |
Thereafter | 5,639 | |
| $ | 11,777 | |
The carrying amount of goodwill as of June 30, 2023 and March 31, 2023 was $10.6 million. There was no impairment of goodwill during the three months ended June 30, 2023.
8. Investments in Securities and Derivative Instruments
As part of the Company’s interest rate risk management strategy, the Company, from time to time, uses derivative instruments to minimize significant unanticipated earnings fluctuations that may arise from rising variable interest rate costs associated with existing borrowings (Air T Term Note A and Term Note D). To meet these objectives, the Company entered into interest rate swaps with notional amounts consistent with the outstanding debt to provide a fixed rate of 4.56% and 5.09%, respectively, on Term Notes A and D. The swaps mature in January 2028.
On August 31, 2021, Air T and Minnesota Bank & Trust ("MBT") refinanced Term Note A and fixed its interest rate at 3.42%. As a result of this refinancing, the Company determined that the interest rate swap on Term Note A was no longer an effective hedge. The Company will amortize the fair value of the interest-rate swap contract included in accumulated other comprehensive income (loss) associated with Term Note A at the time of de-designation into earnings over the remainder of its term. In addition, any changes in the fair value of Term Note A's swap after August 31, 2021 are recognized directly into earnings. The remaining swap contract associated with Term Note D is designated as an effective cash flow hedging instrument in accordance with ASC 815.
On January 7, 2022, Contrail completed an interest rate swap transaction with Old National Bank ("ONB") with respect to the $43.6 million loan made to Contrail in November 2020 pursuant to the Main Street Priority Loan Facility as established by the U.S. Federal Reserve ("Contrail - Term Note G"). The purpose of the floating-to-fixed interest rate swap transaction was to effectively fix the loan interest rate at 4.68%. As of February 24, 2022, this swap contract has been designated as a cash flow hedging instrument and qualified as an effective hedge in accordance with ASC 815. During the period between January 7, 2022 and February 24, 2022, the Company recorded a loss of approximately $0.1 million in the consolidated statement of income (loss) due to the changes in the fair value of the instrument prior to the designation and qualification of this instrument as an effective hedge. After it was deemed an effective hedge, the Company recorded changes in the fair value of the instrument in the consolidated statement of comprehensive income (loss). On March 30, 2023, Contrail made a prepayment of $6.7 million on Contrail - Term Note G. As a result of this prepayment, the Company determined that the interest rate swap on Contrail - Term Note G was no longer an effective hedge. The Company will amortize the fair value of the interest-rate swap contract included in accumulated other comprehensive income (loss) associated with Contrail - Term Note G at the time of de-designation into earnings over the remainder of its term. In addition, any changes in the fair value of Contrail - Term Note G's swap after March 30, 2023 are recognized directly into earnings.
For the swap related to Air T Term Note D, the effective portion of changes in the fair value on this instrument is recorded in other comprehensive income (loss) and is reclassified into the consolidated statement of income (loss) as interest expense in the same period in which the underlying hedged transactions affect earnings. During the three months ended June 30, 2023 and 2022, the Company recorded a gain of approximately $24.0 thousand and $0.5 million, net of tax, respectively, with prior year's gain inclusive of Contrail - Term Note G due to its effective hedge designation at the time. These gains are included in the condensed consolidated statement of comprehensive income (loss) for changes in the fair value of these instruments. The interest rate swaps are considered Level 2 fair value measurements. As of June 30, 2023 and March 31, 2023, the fair value of these interest-rate swap contracts was an asset of $2.8 million and $2.4 million, respectively, which is included within other assets in the condensed consolidated balance sheets.
9. Equity Method Investments
The Company’s investment in Insignia Systems, Inc. - NASDAQ: ISIG (“Insignia”) is accounted for under the equity method of accounting. The Company has elected a three-month lag upon adoption of the equity method. As of June 30, 2023, the Company owned 0.5 million Insignia shares, representing approximately 27.1% of Insignia's outstanding shares. During the three months ended June 30, 2023, the Company's share of Insignia's net income for three months ended March 31, 2023 was $0.4 million. As of June 30, 2023, the Company's net investment basis in Insignia is $2.1 million.
The Company's 20.1% investment in Cadillac Casting, Inc. ("CCI") is accounted for under the equity method of accounting. Due to the differing fiscal year-ends, the Company has elected a three-month lag to record the CCI investment at cost, with a basis difference of $0.3 million. The Company recorded income of $0.7 million as its share of CCI's net income for the three months ended June 30, 2023 , along with a basis difference adjustment of $12.0 thousand. The Company's net investment basis in CCI is $3.5 million as of June 30, 2023.
Summarized unaudited financial information for the Company's equity method investees for the three months ended March 31, 2023 and 2022 is as follows (in thousands):
| | | | | | | | | | | |
| Three Months Ended |
| March 31, 2023 | | March 31, 2022 |
Revenue | $ | 51,157 | | | $ | 35,602 | |
Gross Profit | 7,803 | | | 4,375 | |
Operating income | 5,261 | | | 1,981 | |
Net income | 5,116 | | | 1,750 | |
Net income attributable to Air T, Inc. stockholders | $ | 1,130 | | | $ | 308 | |
10. Inventories
Inventories consisted of the following (in thousands):
| | | | | | | | | | | |
| June 30, 2023 | | March 31, 2023 |
Overnight air cargo: | | | |
Finished goods | $ | 746 | | | $ | 546 | |
Ground equipment manufacturing: | | | |
Raw materials | 4,661 | | | 4,589 | |
Work in process | 1,283 | | | 153 | |
Finished goods | 5,032 | | | 6,976 | |
Corporate and other: | | | |
Raw materials | 809 | | | 794 | |
Finished goods | 725 | | | 726 | |
Commercial jet engines and parts: | | | |
Whole engines available for sale or tear-down | 9,459 | | | 10,141 | |
Parts | 45,330 | | | 50,813 | |
Total inventories | 68,045 | | | 74,738 | |
Reserves | (3,639) | | | (3,613) | |
Total inventories, net of reserves | $ | 64,406 | | | $ | 71,125 | |
11. Leases
The Company has operating leases for the use of real estate, machinery, and office equipment. The majority of our leases have a term of 2 to 5 years; however, we have certain leases with longer terms of up to 30 years. Many of our leases include options to extend the lease for an additional period.
The lease term for all of the Company’s leases includes the non-cancellable period of the lease, plus any additional periods covered by either a Company option to extend the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor that is considered likely to be exercised.
Payments due under the lease contracts include fixed payments plus, for some of our leases, variable payments. Variable payments are typically operating costs associated with the underlying asset and are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Our leases do not contain residual value guarantees.
The Company has elected to combine lease and non-lease components as a single component and not to recognize leases on the balance sheet with an initial term of one year or less.
The interest rate implicit in lease contracts is typically not readily determinable, and as such the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.
The components of lease cost for the three months ended June 30, 2023 and 2022 are as follows (in thousands):
| | | | | | | | | | | |
| Three Months Ended June 30, |
| 2023 | | 2022 |
Operating lease cost | $ | 683 | | | $ | 491 | |
Short-term lease cost | 85 | | | 185 | |
Variable lease cost | 185 | | | 136 | |
Total lease cost | $ | 953 | | | $ | 812 | |
Amounts reported in the consolidated balance sheets for leases where we are the lessee as of June 30, 2023 and March 31, 2023 were as follows (in thousands):
| | | | | | | | | | | |
| June 30, 2023 | | March 31, 2023 |
Operating leases | | | |
Operating lease ROU assets | $ | 12,133 | | | $ | 11,666 | |
Operating lease liabilities | $ | 12,843 | | | $ | 12,435 | |
| | | |
Weighted-average remaining lease term | | | |
Operating leases | 12 years, 5 months | | 12 years, 11 months |
| | | |
Weighted-average discount rate | | | |
Operating leases | 5.03 | % | | 4.99 | % |
Maturities of lease liabilities under non-cancellable leases where we are the lessee as of June 30, 2023 are as follows (in thousands):
| | | | | |
| Operating Leases |
2024 (excluding the three months ended June 30, 2023) | $ | 1,843 | |
2025 | 2,297 | |
2026 | 2,011 | |
2027 | 1,859 | |
2028 | 1,387 | |
2029 | 750 | |
Thereafter | 8,227 | |
Total undiscounted lease payments | 18,374 | |
Interest | (4,607) | |
Discount | (924) | |
Total lease liabilities | $ | 12,843 | |
12. Financing Arrangements
Borrowings of the Company and its subsidiaries are summarized below at June 30, 2023 and March 31, 2023, respectively.
Effective May 26, 2023, Contrail entered into the Fourth Amendment to Master Loan Agreement and the Amended and Restated Promissory Note Term Note G with Old National Bank ("ONB"). The purpose of the amended documents was to replace the one-month LIBOR based interest rate with a one-month SOFR-based rate. All other material terms of the obligations remain the same. The principal amount of the loan was $38.2 million on the effective date of the amended documents and the applicable interest rate is now the one-month SOFR based rate, as defined in the loan agreement, plus 3.11%.
Effective May 26, 2023, Contrail entered into the First Amendment to Supplement #8 to Master Loan Agreement, the Fifth Amendment to Supplement #2 to the Master Loan Agreement and the Fourth Amended and Restated Promissory Note Revolving Note with ONB. The purpose of the amended documents was to replace the LIBOR based interest rate with a one-month SOFR based rate. All other material terms of the obligation remain the same. The maximum principal amount of the revolving note remains at $25.0 million and the applicable interest rate is now the one-month SOFR-based rate, as defined in the loan agreement, plus 3.56%.
On May 26, 2023, AirCo 1 executed an Amendment to Main Street Priority Loan Facility Term Loan Agreement with Park State Bank ("PSB"). The Amendment replaces the three-month LIBOR benchmark applicable to the loan with a three-month SOFR based rate, which is defined as the three-month SOFR rate plus 3.26%. The principal amount of the loan was $6.4 million on the effective date of the amended agreement. The interest rate is to be determined on the 11th day of each month on the amounts that remain outstanding, commencing June 11, 2023.
On June 23, 2023, the Company and MBT entered into amendments to the MBT revolving credit agreement and related promissory note. The amendments extended the maturity date of the credit facility to August 31, 2024 and include the following changes:
1. A $2.0 million seasonal increase in the maximum amount available under the facility. The maximum amount of the facility will now increase to $19.0 million between May 1 and November 30 of each year and will decrease to $17.0 million between December 1 and April 30 of each year;
2.The reference rate for the interest rate payable on the revolving facility will change from Prime to SOFR, plus a spread. The exact spread over SOFR will change every September 30 and March 31 based on the Company calculated funded debt leverage ratio (defined as total debt divided by EBITDA). Depending on the result of the calculation, the interest rate spread applicable to the facility will range between 2.25% and 3.25%;
3.The unused commitment fee on the revolving credit facility will increase from 0.11% to 0.15%; and,
4.The covenant restricting the Company’s use of funds for “Other Investments” was revised to limit the Company to $5.0 million of “Other Investments” per year.
The following table provides certain information about the current financing arrangements of the Company and its subsidiaries as of June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(In Thousands) | June 30, 2023 | | March 31, 2023 | | Maturity Date | | Interest Rate | | Unused commitments at June 30, 2023 |
Air T Debt | | | | | | | | | |
Revolver - MBT | $ | 13,366 | | | $ | 8,742 | | | 8/31/2024 | | SOFR + range of 2.25% - 3.25% | | $ | 5,634 | |
Term Note A - MBT | 7,563 | | | 7,762 | | | 8/31/2031 | | 3.42% | | |
Term Note B - MBT | 2,670 | | | 2,740 | | | 8/31/2031 | | 3.42% | | |
Term Note D - MBT | 1,321 | | | 1,338 | | | 1/1/2028 | | 1-month LIBOR + 2.00% | | |
Term Note E - MBT | 235 | | | 800 | | | 6/25/2025 | | Greater of LIBOR + 1.50% or 2.50% | | |
Term Note F - MBT | 933 | | | 983 | | | 1/31/2028 | | Greater of 6.00% or Prime + 1.00% | | |
Debt - Trust Preferred Securities | 25,602 | | | 25,598 | | | 6/7/2049 | | 8.00% | | |
Total | 51,690 | | | 47,963 | | | | | | | |
| | | | | | | | | |
AirCo 1 Debt | | | | | | | | | |
Term Loan - PSB | 6,393 | | | 6,393 | | | 12/11/2025 | | 3-month SOFR + 3.26% | | |
Total | 6,393 | | | 6,393 | | | | | | | |
| | | | | | | | | |
Jet Yard Debt | | | | | | | | | |
Term Loan - MBT | 1,819 | | | 1,844 | | | 8/31/2031 | | 4.14% | | |
Total | 1,819 | | | 1,844 | | | | | | | |
| | | | | | | | | |
Contrail Debt | | | | | | | | | |
Revolver - ONB | 5,183 | | | 12,441 | | | 9/5/2023 | | 1-month SOFR + 3.56% | | $ | 19,817 | |
Term Loan G - ONB | 38,180 | | | 38,180 | | | 11/24/2025 | | 1-month SOFR + 3.11% | | |
Total | 43,363 | | | 50,621 | | | | | | | |
| | | | | | | | | |
Delphax Solutions Debt | | | | | | | | | |
Canadian Emergency Business Account Loan | 30 | | | 30 | | | 12/31/2025 | | 5.00% | | |
Total | 30 | | | 30 | | | | | | | |
| | | | | | | | | |
Wolfe Lake Debt | | | | | | | | | |
Term Loan - Bridgewater | 9,523 | | | 9,586 | | | 12/2/2031 | | 3.65% | | |
Total | 9,523 | | | 9,586 | | | | | | | |
| | | | | | | | | |
Air T Acquisition 22.1 | | | | | | | | | |
Term Loan - Bridgewater | 4,500 | | | 4,500 | | | 2/8/2027 | | 4.00% | | |
Term Loan A - ING | 2,445 | | | 2,610 | | | 2/1/2027 | | 3.50% | | |
Term Loan B - ING | 1,087 | | | 1,088 | | | 5/1/2027 | | 4.00% | | |
Total | 8,032 | | | 8,198 | | | | | | | |
| | | | | | | | | |
WASI Debt | | | | | | | | | |
Promissory Note - Seller's Note | 1,171 | | | 1,279 | | | 1/1/2026 | | 6.00% | | |
Total | 1,171 | | | 1,279 | | | | | | | |
| | | | | | | | | |
Total Debt | 122,021 | | | 125,914 | | | | | | | |
| | | | | | | | | |
Unamortized Debt Issuance Costs | (763) | | | (829) | | | | | | | |
Total Debt, net | $ | 121,258 | | | $ | 125,085 | | | | | | | |
At June 30, 2023, our contractual financing obligations, including payments due by period, are as follows (in thousands):
| | | | | |
Due by | Amount |
June 30, 2024 | $ | 22,721 | |
June 30, 2025 | 24,499 | |
June 30, 2026 | 26,160 | |
June 30, 2027 | 6,476 | |
June 30, 2028 | 2,877 | |
Thereafter | 39,288 | |
| 122,021 | |
Unamortized Debt Issuance Costs | (763) | |
| $ | 121,258 | |
13. Shares Repurchased
On May 14, 2014, the Company announced that its Board of Directors had authorized a program to repurchase up to 750,000 (retrospectively adjusted to 1,125,000 after the stock split on June 10, 2019) shares of the Company’s common stock from time to time on the open market or in privately negotiated transactions, in compliance with SEC Rule 10b-18, over an indefinite period. During the three months ended June 30, 2023, the Company repurchased 620 shares at an aggregate cost of $15.0 thousand. All of these repurchased shares were recorded as treasury shares as of June 30, 2023.
On August 16, 2022, President Biden signed the Inflation Reduction Act ("IRA") into law. The IRA enacted a 15% corporate minimum tax rate (subject to certain thresholds being met), a 1% excise tax on share repurchases made after December 31, 2022, and created and extended certain tax-related energy incentives.
As a result of the IRA's enactment into law, the Company is now subject to a 1% excise tax on share repurchases, effective for share repurchases made after December 31, 2022. This excise tax may be reduced for the value of certain share issuances. The excise tax incurred in connection with the Company's stock repurchases during the three months ended June 30, 2023 was not material.
14. Geographical Information
Total tangible long-lived assets, net of accumulated depreciation, located in the United States, the Company's country of domicile, and held outside the United States are summarized in the following table as of June 30, 2023 and March 31, 2023 (in thousands):
| | | | | | | | | | | |
| June 30, 2023 | | March 31, 2023 |
United States | $ | 21,454 | | | $ | 21,433 | |
Foreign | 50 | | | 89 | |
Total tangible long-lived assets, net | $ | 21,504 | | | $ | 21,522 | |
The net book value located within each individual country at June 30, 2023 and March 31, 2023 is listed below (in thousands):
| | | | | | | | | | | |
| June 30, 2023 | | March 31, 2023 |
The Netherlands | $ | 42 | | | $ | 42 | |
Other | 8 | | | 47 | |
Total tangible long-lived assets, net | $ | 50 | | | $ | 89 | |
Total revenue, in and outside the United States, is summarized in the following table for the three months ended June 30, 2023 and June 30, 2022 (in thousands):
| | | | | | | | | | | |
| June 30, 2023 | | June 30, 2022 |
United States | $ | 61,722 | | | $ | 41,952 | |
Foreign | 9,709 | | | 8,910 | |
Total revenue | $ | 71,431 | | | $ | 50,862 | |
15. Segment Information
The Company has four business segments: overnight air cargo, ground equipment sales, commercial jet engine and parts segment and corporate and other. Segment data is summarized as follows (in thousands):
| | | | | | | | | | | |
(In Thousands) | Three Months Ended June 30, |
| 2023 | | 2022 |
Operating Revenues by Segment: | | | |
Overnight Air Cargo: | | | |
Domestic | $ | 27,137 | | | $ | 20,564 | |
International | 591 | | | — | |
Total Overnight Air Cargo | 27,728 | | | 20,564 | |
Ground Equipment Sales: | | | |
Domestic | 11,698 | | | 3,907 | |
International | 89 | | | 1,908 | |
Total Ground Equipment Sales | 11,787 | | | 5,815 | |
Commercial Jet Engines and Parts: | | | |
Domestic | 21,968 | | | 16,732 | |
International | 7,878 | | | 6,123 | |
Total Commercial Jet Engines and Parts | 29,846 | | | 22,855 | |
Corporate and Other: | | | |
Domestic | 919 | | | 749 | |
International | 1,151 | | | 879 | |
Total Corporate and Other | 2,070 | | | 1,628 | |
Total | 71,431 | | | 50,862 | |
| | | |
Operating Income (Loss): | | | |
Overnight Air Cargo | 1,935 | | | 1,077 | |
Ground Equipment Sales | (85) | | | 142 | |
Commercial Jet Engines and Parts | 1,478 | | | 3,074 | |
Corporate and Other | (2,670) | | | (3,459) | |
Total | 658 | | | 834 | |
| | | |
Capital Expenditures: | | | |
Overnight Air Cargo | 158 | | | 99 | |
Ground Equipment Sales | 33 | | | 9 | |
Commercial Jet Engines and Parts | 120 | | | 74 | |
Corporate and Other | 93 | | | 189 | |
Total | 404 | | | 371 | |
| | | |
Depreciation and Amortization: | | | |
Overnight Air Cargo | 85 | | | 20 | |
Ground Equipment Sales | 34 | | | 49 | |
Commercial Jet Engines and Parts | 190 | | | 434 | |
Corporate and Other | 381 | | | 358 | |
Total | $ | 690 | | | $ | 861 | |
The table below provides a reconciliation of operating income (loss) to Adjusted EBITDA by reportable segment for the three months ended June 30, 2023 and 2022 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2023 | | |
| Overnight Air Cargo | | Ground Equipment Sales | | Commercial Jet Engines and Parts | | Corporate and Other | | Total |
Operating income (loss) | $ | 1,935 | | | $ | (85) | | | $ | 1,478 | | | $ | (2,670) | | | $ | 658 | |
Depreciation and amortization (excluding leased engines depreciation) | 85 | | | 34 | | | 190 | | | 381 | | | 690 | |
| | | | | | | | | |
Gain on sale of property and equipment | (6) | | | — | | | — | | | — | | | (6) | |
Securities expenses | — | | | — | | | — | | | 45 | | 45 | |
Adjusted EBITDA | $ | 2,014 | | | $ | (51) | | | $ | 1,668 | | | $ | (2,244) | | | $ | 1,387 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, 2022 | | |
| Overnight Air Cargo | | Ground Equipment Sales | | Commercial Jet Engines and Parts | | Corporate and Other | | Total |
Operating income (loss) | $ | 1,077 | | | $ | 142 | | | $ | 3,074 | | | $ | (3,459) | | | $ | 834 | |
Depreciation and amortization (excluding leased engines depreciation) | 19 | | | 49 | | | 179 | | | 358 | | | 605 | |
| | | | | | | | | |
Gain on sale of property and equipment | — | | | — | | | (2) | | | — | | | (2) | |
Securities expenses | — | | | — | | | — | | | 15 | | | 15 | |
Adjusted EBITDA | $ | 1,096 | | | $ | 191 | | | $ | 3,251 | | | $ | (3,086) | | | $ | 1,452 | |
16. Commitments and Contingencies
Contrail Put/Call Option
Contrail entered into an Operating Agreement (the “Contrail Operating Agreement”) in connection with the acquisition of Contrail providing for the governance of and the terms of membership interests in Contrail and including put and call options with the Seller to require Contrail to purchase all of the Seller’s equity membership interests in Contrail commencing on the fifth anniversary of the acquisition, which occurred on July 18, 2021. The Company has presented this redeemable non-controlling interest in Contrail ("Contrail RNCI") between the liabilities and equity sections of the accompanying condensed consolidated balance sheets. In addition, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Contrail RNCI is a Level 3 fair value measurement that is valued at $8.0 million as of June 30, 2023. The change in the redemption value compared to March 31, 2023 is an increase of $7.0 thousand, which was driven by the decrease in fair value of $0.1 million and net income attributable to non-controlling interest of $0.2 million, partially offset by distributions to non-controlling interest of $0.1 million. As of the date of this filing, neither the Seller nor the Company has indicated an intent to exercise the put and call options. If either side were to exercise the option, the Company anticipates that the price would approximate the fair value of the Contrail RNCI, as determined on the transaction date. The Company currently expects that it would fund any required payment from cash provided by operations.
Contrail Asset Management, LLC and CJVII, LLC
On May 5, 2021, the Company formed an aircraft asset management business called Contrail Asset Management, LLC ("CAM"), and an aircraft capital joint venture called Contrail JV II LLC ("CJVII"). The new ventures focus on acquiring commercial aircraft and jet engines for leasing, trading and disassembly. The joint venture, CJVII, was formed as a series LLC ("CJVII Series"). It consists of several individual series that target investments in current generation narrow-body aircraft and engines, building on Contrail’s origination and asset management expertise. CAM was formed to serve two separate and distinct functions: 1) to direct the sourcing, acquisition and management of aircraft assets owned by CJVII Series as governed by the Management Agreement between CJVII and CAM (“Asset Management Function”), and 2) to directly invest into CJVII Series alongside other institutional investment partners (“Investment Function”).
CAM has two classes of equity interests: 1) common interests and 2) investor interests. Neither interest votes as the entity is operated by a Board of Directors. The common interests of CAM relate to its Asset Management Function. The investor interests of CAM relate to the Company’s and Mill Road Capital’s (“MRC”) investments through CAM into CJVII (the Investment Function) and ultimately into the individual CJVII Series. With regard to CAM’s common interests, the Company currently owns 90% of the economic common interests in CAM, and MRC owns the remaining 10%. MRC invested $1.0 million directly into CAM in exchange for 10% of the common interests. For the Asset Management Function, CAM receives origination fees, management fees, consignment fees (where applicable) and a carried interest from the direct investors into each CJVII Series. Such fee income and carried interest will be distributed to the Company and MRC in proportion to their respective common interests.
For its Investment Function, CAM's initial commitment to CJVII was approximately $51.0 million. The Company and MRC have commitments to CAM in the respective amounts of $7.0 million and $44.0 million. These represent the investor interests of CAM, separate and distinct from the common interests. Any investment returns on CAM’s investor interests are shared pro-rata between the Company and MRC for each individual investment at the CJVII Series. As of March 31, 2023, Air T has fulfilled its Investment Function initial commitment to CAM.
Per its Operating Agreement, CAM is comprised of only two Series: the Onshore and the Offshore Series. Participation in each is determined solely based on whether a potential investment at the CJVII Series is a domestic (Onshore) or international (Offshore) investment. As of June 30, 2023, for its Investment Function, the Company has contributed $1.0 million to CAM’s Offshore Series and $6.9 million to CAM’s Onshore Series.
The Company determined that CAM is a variable interest entity and that the Company is not the primary beneficiary. This is primarily the result of the Company's conclusion that it does not control CAM’s Board of Directors, which has the power to direct the activities that most significantly impact the economic performance of CAM. Accordingly, the Company does not consolidate CAM and has determined to account for this investment using equity method accounting. As of June 30, 2023, the Company's net investment basis in CAM is $5.3 million.
In connection with the formation of CAM, MRC has a fixed price put option of $1.0 million to sell its common equity in CAM to the Company at each of the first three (3) anniversary dates. At the later of (a) five (5) years after execution of the agreement and (b) distributions to MRC per the waterfall equal to their capital contributions, Air T has a call option and MRC has a put option on the MRC common interests in CAM. If either party exercises the option, the exercise price will be fair market value if Air T pays in cash at closing or 112.5% of fair market value if Air T opts to pay in three (3) equal annual installments after exercise. With respect to the secondary put and call option, as it is priced at fair value, the Company also determined that there is no potential loss or gain upon exercise that would need to be recognized
Shanwick Put/Call Option
In February 2022, in connection with the Company's acquisition of GdW, a consolidated subsidiary of Shanwick, the Company entered into a shareholder agreement with the 30.0% non-controlling interest owners of Shanwick, providing for the governance of and the terms of membership interests in Shanwick. The shareholder agreement includes the Shanwick Put/Call Option with regard to the 30.0% non-controlling interest. The non-controlling interest holders are the executive management of the underlying business. The Shanwick Put/Call Option grants the Company an option to purchase the 30.0% interest at the call option price that equals to the average EBIT over the 3 Financial Years prior to the exercise of the Call Option multiplied by 8. In addition, the Shanwick Put/Call Option also grants the non-controlling interest owners an option to require the Company to purchase from them their respective ownership interests at the Put Option price, that is equal to the average EBIT over the 3 Financial Years prior to the exercise of the Put Option multiplied by 7.5. The Call Option and the Put Option may be exercised at any time from the fifth anniversary of the shareholder agreement and then only at the end of each fiscal year of Air T ("Shanwick RNCI").
The Company has presented this redeemable non-controlling interest in Shanwick between the liabilities and equity sections of the accompanying condensed consolidated balance sheets. In addition, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the estimated redemption value at the end of each reporting period. As the Shanwick RNCI will be redeemed at established multiples of EBIT, it is considered redeemable at other than fair value. Changes in its estimated redemption value are recorded on our consolidated statements of operations within non-controlling interests. The Shanwick RNCI's estimated redemption value is $4.9 million as of June 30, 2023, which was comprised of the following (in thousands):
| | | | | | | | |
| | Shanwick RNCI |
Beginning Balance as of April 1, 2023 | | $ | 4,738 | |
Contribution from non-controlling members | | — | |
Distribution to non-controlling members | | (166) | |
Net income attributable to non-controlling interests | | 86 | |
Redemption value adjustments | | 199 | |
Ending Balance as of June 30, 2023 | | $ | 4,857 | |
2020 Omnibus Stock and Incentive Plan
On December 29, 2020, the Company’s Board of Directors unanimously approved the Omnibus Stock and Incentive Plan (the "Plan"), which was subsequently approved by the Company's stockholders at the August 18, 2021 Annual Meeting of Stockholders. The total number of shares authorized under the Plan is 420,000. Among other instruments, the Plan permits the Company to grant stock option awards. As of June 30, 2023, options to purchase up to 260,670 shares are outstanding under the Plan. Vesting of options is based on the grantee meeting specified service conditions. Furthermore, the number of vested options that a grantee is able to exercise, if any, is based on the Company’s stock price as of the vesting dates specified in the respective option grant agreements. For the three months ended June 30, 2023, total compensation cost recognized under the Plan was $79.0 thousand.
17. Subsequent Events
Management performs an evaluation of events that occur after the balance sheet date but before condensed consolidated financial statements are issued for potential recognition or disclosure of such events in its condensed consolidated financial statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
FORWARD-LOOKING STATEMENTS
This section entitled "Management’s Discussion and Analysis of Financial Condition and Results of Operations" (“MD&A”) is intended to provide a reader of our financial statements with a narrative from the perspective of management on our financial condition, results of operations, liquidity, and certain other factors that may affect our future results. The MD&A provides a narrative analysis explaining the reasons for material changes in the Company’s (i) financial condition during the period from the most recent fiscal year-end, March 31, 2023, to and including June 30, 2023 and (ii) results of operations during the current fiscal period(s) as compared to the corresponding period(s) of the preceding fiscal year.
This Quarterly Report on Form 10-Q, including the MD&A, contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current views with respect to future events and financial performance. The words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “should,” "will," "continue" and similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any and all forecasts and projections in this document are “forward looking statements” and are based on management’s current expectations or beliefs. From time to time, we may also provide oral and written forward-looking statements in other materials we release to the public, such as press releases, presentations to securities analysts or investors, or other communications by us. Any or all of our forward-looking statements in this report and in any public statements we make could be materially different from actual results. Accordingly, we wish to caution investors that any forward-looking statements made by or on behalf of us are subject to uncertainties and other factors that could cause actual results to differ materially from such statements.
We also wish to caution investors that other factors might in the future prove to be important in affecting our results of operations. New factors emerge from time to time; it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or a combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Our MD&A should be read in conjunction with the Consolidated Financial Statements and related Notes included in Item 1 of Part 1 of this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the fiscal year ended March 31, 2023 (including the information presented therein under Risk Factors), as well other publicly available information.
Overview
Air T, Inc. (the “Company,” “Air T,” “we” or “us”) is a holding company with a portfolio of operating businesses and financial assets. Our goal is to prudently and strategically diversify Air T’s earnings power and compound the growth in its free cash flow per share over time.
We currently operate in four industry segments:
•Overnight air cargo, which operates in the air express delivery services industry;
•Ground equipment sales, which manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the military and industrial customers;
•Commercial aircraft, engines and parts, which manages and leases aviation assets; supplies surplus and aftermarket commercial jet engine components; provides commercial aircraft disassembly/part-out services; commercial aircraft parts sales; procurement services and overhaul and repair services to airlines and,
•Corporate and other, which acts as the capital allocator and resource for other consolidated businesses. Further, Corporate and other also comprises insignificant businesses and business interests.
Each business segment has separate management teams and infrastructures that offer different products and services. We evaluate the performance of our business segments based on operating income and Adjusted EBITDA.
Results of Operations
First Quarter Fiscal 2024 Compared to First Quarter Fiscal 2023
Consolidated revenue for the three-month period ended June 30, 2023 increased by $20.6 million (40.4%) compared to the same quarter in the prior fiscal year.
Following is a table detailing revenue by segment, net of intercompany during the three months ended June 30, 2023 compared to the same quarter in the prior fiscal year (in thousands):
| | | | | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Change |
| 2023 | | 2022 | | |
Overnight Air Cargo | $ | 27,728 | | | $ | 20,564 | | | $ | 7,164 | | 34.8 | % |
Ground Equipment Sales | 11,787 | | | 5,815 | | | 5,972 | | 102.7 | % |
Commercial Jet Engines and Parts | 29,846 | | | 22,855 | | | 6,991 | | 30.6 | % |
Corporate and Other | 2,070 | | | 1,628 | | | 442 | | 27.1 | % |
| $ | 71,431 | | | $ | 50,862 | | | $ | 20,569 | | 40.4 | % |
Revenues from the air cargo segment for the three-month period ended June 30, 2023 increased by $7.2 million (34.8%) compared to the first quarter of the prior fiscal year. The increase was principally attributable to higher administrative fees due to increased fleet, higher pass-through revenues from FedEx, and the WASI acquisition mentioned in Note 2 of the Notes to Condensed Consolidated Financial Statements of this report, which contributed revenues for a full quarter but was not part of the segment in the 2022 comparable quarter.
The ground equipment sales segment contributed approximately $11.8 million and $5.8 million to the Company’s revenues for the three-month periods ended June 30, 2023 and 2022 respectively, representing a $6.0 million (102.7%) increase in the current quarter. The increase was primarily driven by the higher number of deicing trucks sold in the current year quarter compared to prior year's comparable quarter. At June 30, 2023, the ground equipment sales segment’s order backlog was $13.7 million compared to $17.2 million at June 30, 2022.
The commercial jet engines and parts segment contributed $29.8 million of revenues in the quarter ended June 30, 2023 compared to $22.9 million in the comparable prior year quarter, which is an increase of $7.0 million (30.6%). The increase was primarily driven by higher component part sales at Contrail in the current quarter compared to prior year comparable quarter.
Revenues from the corporate and other segment for the three-month period ended June 30, 2023 increased by $0.4 million (27.1%) compared to the first quarter of the prior fiscal year. The increase was primarily attributable to more subscriptions sales at Shanwick.
Following is a table detailing operating income (loss) by segment during the three months ended June 30, 2023 compared to the same quarter in the prior fiscal year (in thousands):
| | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Change |
| 2023 | | 2022 | | |
Overnight Air Cargo | $ | 1,935 | | | $ | 1,077 | | | $ | 858 | |
Ground Equipment Sales | (85) | | | 142 | | | (227) | |
Commercial Jet Engines and Parts | 1,478 | | | 3,074 | | | (1,596) | |
Corporate and Other | (2,670) | | | (3,459) | | | 789 | |
| $ | 658 | | | $ | 834 | | | $ | (176) | |
Consolidated operating income for the quarter ended June 30, 2023 was $0.7 million, compared to an operating income of $0.8 million in the comparable quarter of the prior year.
The air cargo segment's operating income for the three-month period ended June 30, 2023 was $1.9 million compared to operating income of $1.1 million in the same quarter in the prior fiscal year primarily due to the revenue increase noted above.
The ground equipment sales segment's operating loss for the quarter ended June 30, 2023 was $0.1 million compared the prior year comparable quarter's operating income of $0.1 million. This change was primarily attributable to the increased costs for material, labor, and overhead required to get truck units scheduled and built.
The commercial jet engines and parts segment generated operating income of $1.5 million in the current-year quarter compared to operating income of $3.1 million in the prior-year quarter. The decrease was primarily attributable to lower gross profit margins on components sales mentioned above due to parts coming from the tear down of higher priced aircraft.
The corporate and other segment's operating loss for the three-month period ended June 30, 2023 was $2.7 million compared to an operating loss of $3.5 million in the same quarter in the prior fiscal year. The change was primarily attributable to the revenue increase mentioned above.
Following is a table detailing non-operating income (expense) during the three months ended June 30, 2023 compared to the same quarter in the prior fiscal year (in thousands):
| | | | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Change |
| 2023 | | 2022 | | |
Interest expense | $ | (1,808) | | | $ | (1,822) | | | $ | 14 | |
Income from equity method investments | 691 | | | 532 | | | 159 | |
| | | | | |
| | | | | |
Other | 643 | | | (154) | | | 797 | |
| $ | (474) | | | $ | (1,444) | | | $ | 970 | |
The Company had a net non-operating loss of $0.5 million during the quarter ended June 30, 2023, compared to net non-operating loss of $1.4 million in the prior-year quarter. The decrease in non-operating loss was primarily driven by changes in the fair value of the Contrail swap on Term Note G of $0.3 million and the reclassification of previously recorded gain in other comprehensive income into earnings of $0.2 million as the swap was no longer an effective hedge. See Note 8 of the Notes to Condensed Consolidated Financial Statements of this report. In addition, the non-operating loss was further decreased by fluctuations in foreign currency exchange rates causing a gain of $0.1 million in the current year quarter compared to a loss of $0.2 million in the prior year quarter. During the three-month period ended June 30, 2023, the Company recorded $0.2 million in income tax expense at an effective tax rate of 114.7%. The Company records income taxes using an estimated annual effective tax rate for interim reporting. The primary factors contributing to the difference between the federal statutory rate of 21.0% and the Company's effective tax rate for the three-month period ended June 30, 2023 were the change in valuation allowance related to the Company's U.S. consolidated group, Delphax and LGSS, the estimated benefit for the exclusion of income for SAIC under Section 831(b), the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail, and the foreign rate differentials for Air T's operations located in the Netherlands, Puerto Rico, and Singapore.
During the three-month period ended June 30, 2022, the Company recorded $0.2 million in income tax expense at an effective tax rate of (31.5)%. The Company records income taxes using an estimated annual effective tax rate for interim reporting. The primary factors contributing to the difference between the federal statutory rate of 21.0% and the Company's effective tax rate for the three-month period ended June 30, 2022 were the change in valuation allowance related to the Company's subsidiaries in the corporate and other segment, Delphax, other capital losses, the estimated benefit for the exclusion of income for SAIC under Section 831(b), and the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail.
Critical Accounting Policies and Estimates
The Company’s significant accounting policies are fully described in Note 1 to the condensed consolidated financial statements and in the notes to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2023. The preparation of the Company’s condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires the use of estimates and assumptions to determine certain assets, liabilities, revenues and expenses. Management bases these estimates and assumptions upon the best information available at the time of the estimates or assumptions. The Company’s estimates and assumptions could change materially as conditions within and beyond our control change. Accordingly, actual results could differ materially from estimates. There were no significant changes to the Company’s critical accounting policies and estimates during the three-months ended June 30, 2023.
Seasonality
The ground equipment sales segment business has historically been seasonal, with the revenues and operating income typically being lower in the first and fourth fiscal quarters as commercial deicers are typically delivered prior to the winter season. Other segments have typically not experienced material seasonal trends.
Systems and Network Security
Although we have employed significant resources to develop our security measures against breaches, our cybersecurity measures may not detect or prevent all attempts to compromise our systems, including hacking, viruses, malicious software, break-ins, phishing attacks, security breaches or other attacks and similar disruptions that may jeopardize the security of information stored in and transmitted by our systems. Breaches of our cybersecurity measures could result in unauthorized access to our systems,
misappropriation of information or data, deletion or modification of client information or other interruption to our business operations. As techniques used to obtain unauthorized access to sabotage systems change frequently and may not be known until launched against us or our third-party service providers, we may be unable to anticipate, or implement adequate measures to protect against these attacks. If we are unable to avert these attacks and security breaches in the future, we could be subject to significant legal and financial liability, our reputation would be harmed and we could sustain substantial revenue loss from lost sales and customer dissatisfaction. We may not have the resources or technical sophistication to anticipate or prevent rapidly evolving types of cyber-attacks. Cyber-attacks may target us or other participants, or the communication infrastructure on which we depend. Actual or anticipated attacks and risks may cause us to incur significantly higher costs, including costs to deploy additional personnel and network protection technologies, train employees, and engage third-party experts and consultants. Cybersecurity breaches would not only harm our reputation and business, but also could materially decrease our revenue and net income.
Supply Chain and Inflation
Future economic developments such as inflation and increased interest rates as well as further business issues such as supply chain issues present uncertainty and risk with respect to our financial condition and results of operations. Each of our businesses implemented measures to attempt to limit the impact of COVID-19 and economic and business issues but we still experienced disruptions, and we experienced a reduction in demand for commercial aircraft, jet engines and parts compared to historical periods. Many of our businesses may continue to generate reduced operating cash flows and could operate at a loss from time to time beyond fiscal 2023. We expect that issues caused by the pandemic and other economic and business issue will continue to some extent. The fluidity of this situation precludes any prediction as to the ultimate adverse impact these issues on economic and market conditions and our businesses in particular, and, as a result, presents material uncertainty and risk with respect to us and our results of operations. The Company believes the estimates and assumptions underlying the Company’s consolidated financial statements are reasonable and supportable based on the information available as of June 30, 2023.
Liquidity and Capital Resources
As of June 30, 2023, the Company held approximately $6.4 million in cash and cash equivalents and restricted cash, $0.2 million of which related to restricted cash collateralized held for three opportunity zone investments made by the Company - Air T OZ 1, LLC, Air T OZ 2, LLC, and Air T OZ 3, LLC (the "Opportunity Zone Funds"), each a Minnesota limited liability company and a subsidiary of the Company. The Company also held $1.6 million in restricted investments held as statutory reserve of SAIC. The Company has approximately $2.5 million of marketable securities and an aggregate of approximately $25.5 million in available funds under its lines of credit as of June 30, 2023.
As of June 30, 2023, the Company’s working capital amounted to $63.1 million, a decrease of $10.8 million compared to March 31, 2023 primarily driven by the decrease in short-term debt due to the extension of the Air T revolver's maturity date to August 31, 2024.
As mentioned in Note 12 of Notes to Condensed Consolidated Financial Statements included under Part I, Item 1 of this Report on Form 10-Q, on June 23, 2023, the Company and MBT entered into amendments to the MBT revolving credit agreement and related promissory note. The amendments extended the maturity date of the credit facility to August 31, 2024 and include the following changes:
1. A $2.0 million seasonal increase in the maximum amount available under the facility. The maximum amount of the facility will now increase to $19.0 million between May 1 and November 30 of each year and will decrease to $17.0 million between December 1 and April 30 of each year;
2.The reference rate for the interest rate payable on the revolving facility will change from Prime to SOFR, plus a spread. The exact spread over SOFR will change every September 30 and March 31 based on the Company calculated funded debt leverage ratio (defined as total debt divided by EBITDA). Depending on the result of the calculation, the interest rate spread applicable to the facility will range between 2.25% and 3.25%;
3.The unused commitment fee on the revolving credit facility will increase from 0.11% to 0.15%; and,
4.The covenant restricting the Company’s use of funds for “Other Investments” was revised to limit the Company to $5.0 million of “Other Investments” per year.
As mentioned in Note 16 of Notes to Condensed Consolidated Financial Statements included under Part I, Item 1 of this Report on Form 10-Q, in 2016, Contrail entered into an Operating Agreement with the Seller providing for the put and call options with regard to the 21.0% non-controlling interest retained by the Seller. The Seller is the founder of Contrail and its current Chief Executive Officer. The Put/Call Option permits the Seller or the Company to require Contrail Aviation to purchase all of the Seller’s equity membership interests in Contrail Aviation commencing on July 18, 2021. As of the date of this filing, neither the Seller nor the Company has indicated an intent to exercise the put and call options. If either side were to exercise the option, the Company anticipates that the price would approximate the fair value of the Contrail RNCI, as determined on the transaction date. The Company currently expects that it would fund any required payment from cash provided by operations.
As mentioned in Note 16 of Notes to condensed Consolidated Financial Statements included under Part I, Item 1 of this report, on May 5, 2021, the Company formed CAM and acquired its ownership interest in CAM. The operations of CAM are not consolidated into the operations of the Company. For its Investment Function (as defined in Note 16 of Notes to Consolidated Financial Statements
included under Part II, Item 8 of this report), CAM’s initial commitment to CJVII was approximately $51.0 million. The Company and MRC have commitments to CAM in the respective amounts of $7.0 million and $44.0 million. As of June 30, 2023, the Company has fulfilled its capital commitments to CAM.
On March 22, 2023, Contrail entered into the First Amendment to Second Amendment to Master Loan Agreement and Third Amendment to Master Loan Agreement ("the Amendment") with ONB whereby, among other things, in exchange for a $20 million principal prepayment of Term Note G, Contrail obtained a waiver of the debt service coverage ratio covenant. $6.7 million of the $20.0 million prepayment was paid on March 30, 2023 and the remaining $13.3 million payment is currently expected to be paid in September 2023. These payments will eliminate the need for Contrail to make any future scheduled principal payments on Term Note G until the final maturity of (on) November 24, 2025. At this time, Contrail management believes it is highly probable that it will have sufficient liquidity to make the $13.3 million prepayment in September 2023.
The revolving line of credit at Contrail with ONB has a due date or expires within the next twelve months. We are currently seeking to refinance the Contrail revolver prior to its maturity date; however, there is no assurance that we will be able to execute this refinancing or, if we are able to refinance this obligation, that the terms of such refinancing would be as favorable as the terms of our existing credit facility.
The Company believes it is probable that the cash on hand and current financings, net cash provided by operations from its remaining operating segments, together with amounts available under our current revolving lines of credit, as amended, will be sufficient to meet its obligations as they become due in the ordinary course of business for at least 12 months following the date these financial statements are issued.
Cash Flows
Following is a table of changes in cash flow for the three months ended June 30, 2023 and 2022 (in thousands):
| | | | | | | | | | | |
| Three Months Ended June 30, |
| 2023 | | 2022 |
Net Cash Provided by (Used in) Operating Activities | $ | 3,484 | | | $ | (2,531) | |
Net Cash Used in Investing Activities | (21) | | | (1,060) | |
Net Cash (Used in) Provided by Financing Activities | (4,076) | | | 4,573 | |
Effect of foreign currency exchange rates on cash and cash equivalents | (56) | | | 173 | |
Net (Decrease) Increase in Cash and Cash Equivalents and Restricted Cash | $ | (669) | | | $ | 1,155 | |
Net cash provided by operating activities was $3.5 million for the three-month period ended June 30, 2023 compared to net cash used in operating activities of $2.5 million in the prior year three-month period. The change in net cash provided by operating activities was primarily driven by a decrease in inventory of $14.6 million offset by an increase in accounts receivable of $8.6 million due to increased sales in the current quarter.
Net cash used in investing activities for the three-month period ended June 30, 2023 was $21.0 thousand compared to net cash used in investing activities of $1.1 million in the prior-year period. The decrease in cash usage in investing activities was primarily driven by less contributions to and more distributions received from unconsolidated entities.
Net cash used in financing activities for the three-month period ended June 30, 2023 was $4.1 million compared to net cash provided by financing activities of $4.6 million in the prior-year period. The change in cash usage in financing activities was primarily driven by increased payments on the lines of credit in the current quarter, as well as receipt of proceeds from a term note in the prior quarter that did not recur in the current quarter.
Non-GAAP Financial Measures
The Company uses adjusted earnings before taxes, interest, and depreciation and amortization ("Adjusted EBITDA"), a non-GAAP financial measure as defined by the SEC, to evaluate the Company's financial performance. This performance measure is not defined by accounting principles generally accepted in the United States and should be considered in addition to, and not in lieu of, GAAP financial measures.
Adjusted EBITDA is defined as earnings before taxes, interest, and depreciation and amortization, adjusted for specified items. The Company calculates Adjusted EBITDA by removing the impact of specific items and adding back the amounts of interest expense and
depreciation and amortization to earnings before income taxes. When calculating Adjusted EBITDA, the Company does not add back depreciation expense for aircraft engines that are on lease, as the Company believes this expense matches with the corresponding revenue earned on engine leases. There was no depreciation expense for leased engines for the three months ended June 30, 2023 and $0.3 million for the three months ended June 30, 2022.
Management believes that Adjusted EBITDA is a useful measure of the Company's performance because it provides investors additional information about the Company's operations allowing better evaluation of underlying business performance and better period-to-period comparability. Adjusted EBITDA is not intended to replace or be an alternative to operating income (loss), the most directly comparable amounts reported under GAAP.
The tables below provide a reconciliation of operating income (loss) to Adjusted EBITDA for the three months ended June 30, 2023 and 2022 (in thousands):
| | | | | | | | | | | |
| Three months ended |
| 6/30/2023 | | 6/30/2022 |
Operating income | $ | 658 | | | $ | 834 | |
Depreciation and amortization (excluding leased engines depreciation) | 690 | | | 605 | |
| | | |
Gain on sale of property and equipment | (6) | | | (2) | |
Securities expenses | 45 | | | 15 | |
Adjusted EBITDA | $ | 1,387 | | | $ | 1,452 | |
The table below provides Adjusted EBITDA by segment for the three months ended June 30, 2023 and 2022 (in thousands):
| | | | | | | | | | | |
| Three months ended |
| 6/30/2023 | | 6/30/2022 |
Overnight Air Cargo | $ | 2,014 | | | $ | 1,096 | |
Ground Equipment Sales | (51) | | | 191 | |
Commercial Jet Engines and Parts | 1,668 | | | 3,251 | |
Corporate and Other | (2,244) | | | (3,086) | |
Adjusted EBITDA | $ | 1,387 | | | $ | 1,452 | |
Item 3. Quantitative and Qualitative Disclosures About Market Risk
The Company is exposed to various risks, including interest rate risk. As interest rates have increased, are projected to increase and can be volatile, the Company has designated a risk management policy which permits the use of derivative instruments to provide protection against rising interest rates on variable rate debt. See Note 8 of Notes to Condensed Consolidated Financial Statements included under Part I, Item 1 of this Report on Form 10-Q for further discussion on the Company’s use of such derivative instruments.
Item 4. Controls and Procedures
Our Chief Executive Officer and Chief Financial Officer, referred to collectively herein as the Certifying Officers, are responsible for establishing and maintaining our disclosure controls and procedures. The Certifying Officers have reviewed and evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 240.13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934) as of June 30, 2023. Based on that review and evaluation, which included inquiries made to certain other employees of the Company, the Certifying Officers have concluded that the Company’s current disclosure controls and procedures, as designed and implemented, are effective in ensuring that information relating to the Company required to be disclosed in the reports that the Company files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, including ensuring that such information is accumulated and communicated to the Company’s management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. It should be noted that the design of any
system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving the stated goals under all potential future conditions, regardless of how remote.
There has not been any change in the Company’s internal control over financial reporting in connection with the evaluation required by Rule 13a-15(d) under the Exchange Act that occurred during the quarter ended June 30, 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II -- OTHER INFORMATION
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
(a)On May 14, 2014, the Company announced that its Board of Directors had authorized a program to repurchase up to 750,000 (retrospectively adjusted to 1,125,000 after the stock split in June 2019) shares of the Company’s common stock from time to time on the open market or in privately negotiated transactions, in compliance with SEC Rule 10b-18, over an indefinite period.
Purchases during the quarter ended June 30, 2023 are described below:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Dates of Shares Purchased | | Total Number of Shares Purchased | | Average Price Paid per Share | | Total Number of Shares Purchased as Part of Public Announced Plans or Programs | | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs |
April 1 - April 30, 2023 | | 620 | | | $ | 24.26 | | | 620 | | | 871,093 | |
May 1 - May 31, 2023 | | — | | | — | | | — | | | 871,093 | |
June 1 - June 30, 2023 | | — | | | — | | | — | | | 871,093 | |
| | 620 | | | | | | | |
Item 5. Other information
(c) Insider Trading Arrangements
During the quarter ended June 30, 2023, none of our directors or officers (as defined in Section 16 of the Exchange Act), adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (each as defined in Item 408 of Regulation S-K).
Item 6. Exhibits
(a) Exhibits
| | | | | |
No. | Description |
| |
31.1 | |
| |
31.2 | |
| |
32.1 | |
| |
101 | The following financial information from the Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, formatted in XBRL (Extensible Business Reporting Language): (i) Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Balance Sheets, (iii) the Condensed Consolidated Statements of Cash Flows, (iv) the Condensed Consolidated Statements of Stockholders Equity, and (v) the Notes to the Condensed Consolidated Financial Statements. |
* Portions of this exhibit have been omitted for confidential treatment.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. | | | | | | | | |
| AIR T, INC. | |
| | |
| | |
Date: August 11, 2023 | | |
| /s/ Nick Swenson | |
| Nick Swenson, Chief Executive Officer and Director | |
| | |
| | |
| | |
| /s/ Brian Ochocki | |
| Brian Ochocki, Chief Financial Officer | |
| | |
| | |
Exhibit 31.1
SECTION 302 CERTIFICATION
I, Nick Swenson, certify that:
1.I have reviewed this Form 10-Q of Air T, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(a)Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(b)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(c)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. | | | | | | | | | | | |
Date: August 11, 2023 | | | |
| | /s/ Nick Swenson | |
| | Nick Swenson Chief Executive Officer | |
Exhibit 31.2
SECTION 302 CERTIFICATION
I, Brian Ochocki, certify that:
1.I have reviewed this Form 10-Q of Air T, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. | | | | | | | | | | | |
Date: August 11, 2023 | | | |
| | /s/ Brian Ochocki | |
| | Brian Ochocki Chief Financial Officer | |
Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Air T, Inc. (the "Company") Quarterly Report on Form 10-Q for the period ended June 30, 2023 as filed with the United States Securities and Exchange Commission on the date hereof (the "Report"), I, Nick Swenson, Chief Executive Officer, and Brian Ochocki, Chief Financial Officer of the Company, each certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. | | | | | | | | | | | |
Date: August 11, 2023 | | | |
| | /s/ Nick Swenson | |
| | Nick Swenson, Chief Executive Officer | |
| | (Principal Executive Officer) | |
| | | |
| | /s/ Brian Ochocki | |
| | Brian Ochocki, Chief Financial Officer | |
| | (Principal Financial Officer and Principal Accounting Officer) | |
v3.23.2
Cover - shares
|
3 Months Ended |
|
Jun. 30, 2023 |
Jul. 31, 2023 |
Document Information |
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Document Type |
10-Q
|
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Document Quarterly Report |
true
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Transition Report |
false
|
|
Entity File Number |
001-35476
|
|
Entity Registrant Name |
Air T, Inc.
|
|
Entity Incorporation, State |
DE
|
|
Entity Tax Identification Number |
52-1206400
|
|
Entity Address, Street Address |
11020 David Taylor Drive, Suite 305
|
|
Entity Address, City |
Charlotte
|
|
Entity Address, State |
NC
|
|
Entity Address, Zip Code |
28262
|
|
City Area Code |
980
|
|
Local Phone Number |
595 – 2840
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding (in shares) |
|
2,817,754
|
Entity Central Index Key |
0000353184
|
|
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--03-31
|
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Document Fiscal Year Focus |
2024
|
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Q1
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false
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|
Common Stock |
|
|
Document Information |
|
|
Title of each class |
Common Stock
|
|
Trading Symbol(s) |
AIRT
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|
Name of each exchange on which registered |
NASDAQ
|
|
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Alpha Income Preferred Securities (also referred to as 8% Cumulative Capital Securities) (“TruPs”)*
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AIRTP
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Operating Revenues: |
|
|
Total revenue |
$ 71,431
|
$ 50,862
|
Operating Expenses: |
|
|
General and administrative |
12,754
|
11,779
|
Depreciation and amortization |
690
|
861
|
Operating expenses |
70,773
|
50,028
|
Operating Income |
658
|
834
|
Non-operating (Expense) Income: |
|
|
Interest expense |
(1,808)
|
(1,822)
|
Income from equity method investments |
691
|
532
|
Other |
643
|
(154)
|
Nonoperating income (expense) |
(474)
|
(1,444)
|
Income (Loss) before income taxes |
184
|
(610)
|
Income Tax Expense |
211
|
192
|
Net Loss |
(27)
|
(802)
|
Net Income Attributable to Non-controlling Interests |
(504)
|
(631)
|
Net Loss Attributable to Air T, Inc. Stockholders |
$ (531)
|
$ (1,433)
|
Loss per share (Note 6) |
|
|
Basic (in dollars per share) |
$ (0.19)
|
$ (0.50)
|
Diluted (in dollars per share) |
$ (0.19)
|
$ (0.50)
|
Weighted Average Shares Outstanding: |
|
|
Basic (in shares) |
2,818
|
2,866
|
Diluted (in shares) |
2,818
|
2,866
|
Overnight air cargo |
|
|
Operating Revenues: |
|
|
Total revenue |
$ 27,728
|
$ 20,564
|
Operating Expenses: |
|
|
Cost of Revenue |
23,712
|
18,071
|
Depreciation and amortization |
85
|
20
|
Operating Income |
1,935
|
1,077
|
Ground equipment sales |
|
|
Operating Revenues: |
|
|
Total revenue |
11,787
|
5,815
|
Operating Expenses: |
|
|
Cost of Revenue |
10,338
|
4,432
|
Depreciation and amortization |
34
|
49
|
Operating Income |
(85)
|
142
|
Commercial jet engines and parts |
|
|
Operating Revenues: |
|
|
Total revenue |
29,846
|
22,855
|
Operating Expenses: |
|
|
Cost of Revenue |
23,279
|
14,885
|
Depreciation and amortization |
190
|
434
|
Operating Income |
1,478
|
3,074
|
Corporate and other |
|
|
Operating Revenues: |
|
|
Total revenue |
2,070
|
1,628
|
Operating Expenses: |
|
|
Depreciation and amortization |
381
|
358
|
Operating Income |
$ (2,670)
|
$ (3,459)
|
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v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Mar. 31, 2023 |
Current Assets: |
|
|
Cash and cash equivalents |
$ 5,659
|
$ 5,806
|
Marketable securities |
365
|
0
|
Restricted cash |
762
|
1,284
|
Restricted investments |
1,634
|
2,161
|
Accounts receivable, net of allowance for doubtful accounts of $1,295 and $1,160 |
32,004
|
27,218
|
Income tax receivable |
223
|
536
|
Inventories, net |
64,406
|
71,125
|
Employee retention credit receivable |
0
|
940
|
Other current assets |
7,793
|
7,487
|
Total Current Assets |
112,846
|
116,557
|
Assets on lease or held for lease, net of accumulated depreciation of $38 and $223 |
16
|
83
|
Property and equipment, net of accumulated depreciation of $6,946 and $6,624 |
21,488
|
21,439
|
Intangible assets, net of accumulated amortization of $4,493 and $4,191 |
11,834
|
12,103
|
Right-of-use ("ROU") assets |
12,133
|
11,666
|
Equity method investments |
13,954
|
13,230
|
Goodwill |
10,560
|
10,563
|
Other assets |
4,365
|
3,921
|
Total Assets |
187,196
|
189,562
|
Current Liabilities: |
|
|
Accounts payable |
10,580
|
10,449
|
Income tax payable |
0
|
304
|
Accrued expenses and other (Note 4) |
14,643
|
13,133
|
Current portion of long-term debt |
22,721
|
38,736
|
Short-term lease liability |
1,832
|
1,664
|
Total Current Liabilities |
49,776
|
64,286
|
Long-term debt |
98,537
|
86,349
|
Deferred income tax liabilities, net |
2,581
|
2,417
|
Long-term lease liability |
11,011
|
10,771
|
Other non-current liabilities |
47
|
47
|
Total Liabilities |
161,952
|
163,870
|
Redeemable non-controlling interest |
12,837
|
12,710
|
Commitments and contingencies (Note 16) |
|
|
Equity: |
|
|
Preferred stock, $1.00 par value, 2,000,000 shares authorized |
0
|
0
|
Common stock, $.25 par value; 4,000,000 shares authorized, 3,026,495 and 3,026,495 shares issued, 2,817,754 and 2,818,374 shares outstanding |
757
|
757
|
Treasury stock, 208,741 shares at $19.63 and 208,121 shares at $19.62 |
(4,098)
|
(4,083)
|
Additional paid-in capital |
807
|
728
|
Retained earnings |
13,289
|
13,686
|
Accumulated other comprehensive income |
583
|
816
|
Total Air T, Inc. Stockholders' Equity |
11,338
|
11,904
|
Non-controlling Interests |
1,069
|
1,078
|
Total Equity |
12,407
|
12,982
|
Total Liabilities and Equity |
$ 187,196
|
$ 189,562
|
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v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Mar. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Accounts receivable, allowance for doubtful accounts |
$ 1,295
|
$ 1,160
|
Assets on lease, accumulated depreciation |
38
|
223
|
Property and equipment, accumulated depreciation |
6,946
|
6,624
|
Intangible assets, accumulated amortization |
$ 4,493
|
$ 4,191
|
Preferred stock, par value (in dollars per share) |
$ 1.00
|
$ 1.00
|
Preferred stock, shares authorized (in shares) |
2,000,000
|
2,000,000
|
Common stock par value (in dollars per share) |
$ 0.25
|
$ 0.25
|
Common stock, shares authorized (in shares) |
4,000,000
|
4,000,000
|
Common stock, shares issued (in shares) |
3,026,495
|
3,026,495
|
Common stock, shares outstanding (in shares) |
2,817,754
|
2,818,374
|
Treasury stock (in shares) |
208,741
|
208,121
|
Treasury stock average price (in dollars per share) |
$ 19.63
|
$ 19.62
|
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net loss |
$ (27)
|
$ (802)
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
Depreciation and amortization |
690
|
861
|
Income from equity method investments |
(691)
|
(532)
|
Other |
479
|
272
|
Change in operating assets and liabilities: |
|
|
Accounts receivable |
(4,921)
|
3,718
|
Inventories |
6,751
|
(7,844)
|
Accounts payable |
131
|
1,640
|
Accrued expenses |
1,424
|
700
|
Employee retention credit receivable |
940
|
1,449
|
Other |
(1,292)
|
(1,993)
|
Net cash provided by (used in) operating activities |
3,484
|
(2,531)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Investment in unconsolidated entities |
(417)
|
(880)
|
Capital expenditures related to property & equipment |
(404)
|
(351)
|
Capital expenditures related to assets on lease or held for lease |
0
|
(20)
|
Other |
800
|
191
|
Net cash used in investing activities |
(21)
|
(1,060)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Proceeds from lines of credit |
34,186
|
29,839
|
Payments on lines of credit |
(36,820)
|
(30,583)
|
Proceeds from term loan |
0
|
6,177
|
Payments on term loan |
(1,261)
|
(836)
|
Other |
(181)
|
(24)
|
Net cash (used in) provided by financing activities |
(4,076)
|
4,573
|
Effect of foreign currency exchange rates on cash and cash equivalents |
(56)
|
173
|
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH |
(669)
|
1,155
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD |
7,090
|
8,368
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD |
$ 6,421
|
$ 9,523
|
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands |
Total |
Common Stock |
Treasury Stock |
Additional Paid-In Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Non-controlling Interests |
Balance at the beginning at Mar. 31, 2022 |
$ 25,717
|
$ 756
|
$ (3,002)
|
$ 393
|
$ 26,729
|
|
$ (263)
|
$ 1,104
|
|
Balance at the beginning (in shares) at Mar. 31, 2022 |
|
3,023,000
|
|
|
|
|
|
|
|
Balance at the beginning (in shares) at Mar. 31, 2022 |
|
|
156,000
|
|
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity |
|
|
|
|
|
|
|
|
|
Net income (loss) |
(1,439)
|
|
|
|
(1,433)
|
[1] |
|
(6)
|
[1] |
Stock compensation expense |
79
|
|
|
79
|
|
|
|
|
|
Foreign currency translation loss |
(529)
|
|
|
|
|
|
(529)
|
|
|
Adjustment to fair value of redeemable non-controlling interests |
926
|
|
|
|
926
|
|
|
|
|
Unrealized gain on interest rate swaps, net of tax |
475
|
|
|
|
|
|
475
|
|
|
Reclassification of interest rate swaps into earnings |
17
|
|
|
|
|
|
17
|
|
|
Balance at the end at Jun. 30, 2022 |
25,246
|
$ 756
|
$ (3,002)
|
472
|
26,222
|
|
(300)
|
1,098
|
|
Balance at the end (in shares) at Jun. 30, 2022 |
|
3,023,000
|
|
|
|
|
|
|
|
Balance at the end (in shares) at Jun. 30, 2022 |
|
|
156,000
|
|
|
|
|
|
|
Balance at the beginning at Mar. 31, 2023 |
$ 12,982
|
$ 757
|
$ (4,083)
|
728
|
13,686
|
|
816
|
1,078
|
|
Balance at the beginning (in shares) at Mar. 31, 2023 |
2,818,374
|
3,027,000
|
|
|
|
|
|
|
|
Balance at the beginning (in shares) at Mar. 31, 2023 |
208,121
|
|
208,000
|
|
|
|
|
|
|
Increase (Decrease) in Stockholders' Equity |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ (540)
|
|
|
|
(531)
|
[1] |
|
(9)
|
[1] |
Stock compensation expense |
79
|
|
|
79
|
|
|
|
|
|
Repurchase of common stock |
(15)
|
|
$ (15)
|
|
|
|
|
|
|
Repurchase of common stock (in shares) |
|
|
1,000
|
|
|
|
|
|
|
Foreign currency translation loss |
(65)
|
|
|
|
|
|
(65)
|
|
|
Adjustment to fair value of redeemable non-controlling interests |
134
|
|
|
|
134
|
|
|
|
|
Unrealized gain on interest rate swaps, net of tax |
24
|
|
|
|
|
|
24
|
|
|
Reclassification of interest rate swaps into earnings |
(192)
|
|
|
|
|
|
(192)
|
|
|
Balance at the end at Jun. 30, 2023 |
$ 12,407
|
$ 757
|
$ (4,098)
|
$ 807
|
$ 13,289
|
|
$ 583
|
$ 1,069
|
|
Balance at the end (in shares) at Jun. 30, 2023 |
2,817,754
|
3,027,000
|
|
|
|
|
|
|
|
Balance at the end (in shares) at Jun. 30, 2023 |
208,741
|
|
209,000
|
|
|
|
|
|
|
|
|
X |
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v3.23.2
Financial Statement Presentation
|
3 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Financial Statement Presentation |
Financial Statement Presentation The condensed consolidated financial statements of Air T, Inc. (“Air T”, the “Company”, “we”, “us” or “our”) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results for the periods presented have been made. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended March 31, 2023. The results of operations for the period ended June 30, 2023 are not necessarily indicative of the operating results for the full year. The accompanying financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
Recently Issued Accounting Pronouncements
In March 2020, the FASB issued ASU 2020-04- Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this Update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In December 2022, the FASB issued ASU 2022-06- Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. The amendments in this Update defer the implementation deadline of Topic 848 from December 31, 2022, to December 31, 2024. The Company is currently in the process of converting its LIBOR-based contracts, hedging relationships, and other transactions to other reference rates and anticipates that this process will be complete by September 30, 2023.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.23.2
Acquisitions
|
3 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Acquisitions |
Acquisitions Worldwide Aviation Services, Inc. On January 31, 2023, the Company acquired Worldwide Aircraft Services, Inc. ("WASI"), a Kansas corporation that services the aircraft industry across the United States and internationally through the operation of a repair station which is located in Springfield, Missouri at the Branson National Airport. The acquisition was funded with cash and the loans described in Note 12 of this report. WASI is included within the Overnight air cargo segment. The acquisition date's fair value of the consideration is summarized in the table below (in thousands): | | | | | | | January 31, 2023 | Cash consideration | $ | 1,628 | | Seller's Note | 1,370 | | | | Total consideration | $ | 2,998 | |
The transaction was accounted for as a business combination in accordance with ASC Topic 805 "Business Combinations." Assets acquired and liabilities assumed were recorded in the accompanying consolidated balance sheet at their fair values as of January 31, 2023, with the excess of total consideration above fair value of net assets acquired recorded as goodwill. The following table outlines the consideration transferred and purchase price allocation at the respective fair values as of January 31, 2023 (in thousands): | | | | | | | January 31, 2023 | ASSETS | | Accounts receivable | $ | 1,037 | | Inventory | 517 | Other current assets | 97 | Property, plant and equipment, net | 403 | Intangible -Trade Name | 342 | Intangible - Non-competition Agreement | 19 | Intangible - Customer Relationships | 683 | Other assets | 20 | Total assets | $ | 3,118 | | | | LIABILITIES | | Accounts payable | 61 | Accrued expenses and deferred revenue | 635 | Total liabilities | $ | 696 | | | | Net assets acquired | $ | 2,422 | | | | Consideration paid | 2,998 | | Less: Cash acquired | (500) | | Less: Net assets acquired | (2,422) | | Goodwill | $ | 76 | |
As of March 31, 2023, the purchase price allocation was final. The following table sets forth the revenue and expenses of WASI that are included in the Company’s condensed consolidated statement of income for the fiscal year ended March 31, 2023 (in thousands): | | | | | | | Income Statement Post-Acquisition | Revenue | $ | 929 | | Cost of Sales | 676 | | Operating Expenses | 425 | | Operating Loss | (172) | | Non-operating expense | (22) | | Net loss | $ | (194) | |
Pro forma financial information is not presented as the results are not material to the Company’s consolidated financial statements. GdW Beheer B.V. On February 10, 2022, the Company acquired GdW, a Dutch holding company in the business of providing global aviation data and information. The acquisition was completed through a wholly-owned subsidiary of the Company, Air T Acquisition 22.1, LLC ("Air T Acquisition 22.1"), a Minnesota limited liability company, through its Dutch subsidiary, Shanwick, and was funded with cash, investment by executive management of the underlying business, and the loans described in Note 12. As part of the transaction, the executive management of the underlying business purchased 30.0% of Shanwick. Air T Acquisition 22.1 and its consolidated subsidiaries are included within the Corporate and other segment. GdW was administratively dissolved on June 24, 2022 with Shanwick as the surviving entity.
Subsequent to the acquisition date, the Company made certain measurement period adjustments to the preliminary purchase price allocation, which resulted in an increase to goodwill of $0.3 million. The increase is attributable to a measurement period adjustment of $0.3 million related to certain intangible assets acquired and related deferred tax liabilities assumed due to clarification of information utilized to determine fair value during the measurement period. As of June 30, 2022, the measurement period was completed and all adjustments are reflected in the tables below. Total consideration is summarized in the table below (in thousands): | | | | | | | February 10, 2022 | Consideration paid | $ | 15,256 | | Less: Cash acquired | (2,452) | | Less: Net assets acquired | (6,520) | | Goodwill | $ | 6,284 | |
The transaction was accounted for as a business combination in accordance with ASC Topic 805 "Business Combinations." Assets acquired and liabilities assumed were recorded in the accompanying consolidated balance sheet at their fair values as of February 10, 2022, with the excess of total consideration over fair value of net assets acquired recorded as goodwill. The following table outlines the consideration transferred and purchase price allocation at the respective fair values as of February 10, 2022 (in thousands): | | | | | | | February 10, 2022 | ASSETS | | Accounts Receivable | $ | 715 | | Other current assets | 67 | Property, plant and equipment, net | 40 | Intangible - Proprietary Database | 2,576 | Intangible - Customer Relationships | 7,267 | Total assets | 10,665 | | | LIABILITIES | | Accounts payable | 15 | Accrued expenses and deferred revenue | 1,670 | Deferred income tax liabilities, net | 2,460 | Total liabilities | 4,145 | | | | Net assets acquired | $ | 6,520 | |
The following table sets forth the revenue and expenses of GdW, prior to intercompany eliminations, which are included in the Company’s condensed consolidated statement of income for the fiscal year ended March 31, 2022 (in thousands): | | | | | | | Income Statement Post-Acquisition | Revenue | $ | 887 | | Cost of Sales | 145 | | Operating Expenses | 701 | | Operating Income | 41 | | Non-operating income | 19 | | Net income | $ | 60 | |
Pro forma financial information is not presented as the results are not material to the Company’s consolidated financial statements.
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v3.23.2
Revenue Recognition
|
3 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Revenue Recognition |
Revenue Recognition Substantially all of the Company’s non-lease revenue is derived from contracts with an initial expected duration of one year or less. As a result, the Company has applied the practical expedient to exclude consideration of significant financing components from the determination of transaction price, to expense costs incurred to obtain a contract, and to not disclose the value of unsatisfied performance obligations. The following is a description of the Company’s performance obligations: | | | | | | Type of Revenue | Nature, Timing of Satisfaction of Performance Obligations, and Significant Payment Terms | Product Sales | The Company generates revenue from sales of various distinct products such as parts, aircraft equipment, jet engines, airframes, and scrap metal to its customers. A performance obligation is created when the Company accepts an order from a customer to provide a specified product. Each product ordered by a customer represents a performance obligation.
The Company recognizes revenue when obligations under the terms of the contract are satisfied; generally, this occurs at a point-in-time upon shipment or when control is transferred to the customer. Transaction prices are based on contracted terms, which are at fixed amounts based on standalone selling prices. While the majority of the Company's contracts do not have variable consideration, for the limited number of contracts that do, the Company records revenue based on the standalone selling price less an estimate of variable consideration (such as rebates, discounts or prompt payment discounts). The Company estimates these amounts based on the expected incentive amount to be provided to customers and reduces revenue accordingly. Performance obligations are short-term in nature and customers are typically billed upon transfer of control. The Company records all shipping and handling fees billed to customers as revenue.
The terms and conditions of the customer purchase orders or contracts are dictated by either the Company’s standard terms and conditions or by a master service agreement or by the contract. | Support Services | The Company provides a variety of support services such as aircraft maintenance and short-term repair services to its customers. Additionally, the Company operates certain aircraft routes on behalf of FedEx. A performance obligation is created when the Company agrees to provide a particular service to a customer. For each service, the Company recognizes revenues over time as the customer simultaneously receives the benefits provided by the Company's performance. This revenue recognition can vary from when the Company has a right to invoice to the output or input method depending on the structure of the contract and management’s analysis.
For repair-type services, the Company records revenue over-time based on an input method of costs incurred to total estimated costs. The Company believes this is appropriate as the Company is performing labor hours and installing parts to enhance an asset that the customer controls. The vast majority of repair-services are short term in nature and are typically billed upon completion of the service.
Some of the Company’s contracts contain a promise to stand ready as the Company is obligated to perform certain maintenance or administrative services. For most of these contracts, the Company applies the 'as invoiced' practical expedient as the Company has a right to consideration from the customer in an amount that corresponds directly with the value of the entity's performance completed to date. A small number of contracts are accounted for as a series and recognized equal to the amount of consideration the Company is entitled to less an estimate of variable consideration (typically rebates). These services are typically ongoing and are generally billed on a monthly basis. |
In addition to the above type of revenues, the Company also has Leasing Revenue, which is in scope under Topic 842 (Leases) and out of scope under Topic 606 and Other Revenues (Freight, Management Fees, etc.) which are immaterial for disclosure under Topic 606. The following table summarizes disaggregated revenues by type (in thousands): | | | | | | | | | | | | | Three Months Ended June 30, | | 2023 | | 2022 | Product Sales | | | | Air Cargo | $ | 9,171 | | | $ | 6,354 | | Ground equipment sales | 11,575 | | | 5,577 | | Commercial jet engines and parts | 26,759 | | | 20,310 | | Corporate and other | 335 | | | 116 | | Support Services | | | | Air Cargo | 18,550 | | | 14,060 | | Ground equipment sales | 93 | | | 140 | | Commercial jet engines and parts | 2,946 | | | 1,975 | | Corporate and other | 1,255 | | | 1,024 | | Leasing Revenue | | | | Air Cargo | — | | | — | | Ground equipment sales | 25 | | | 43 | | Commercial jet engines and parts | 12 | | | 541 | | Corporate and other | 387 | | | 388 | | Other | | | | Air Cargo | 7 | | | 150 | | Ground equipment sales | 94 | | | 55 | | Commercial jet engines and parts | 129 | | | 29 | | Corporate and other | 93 | | | 100 | | | | | | Total | $ | 71,431 | | | $ | 50,862 | |
See Note 14 for the Company's disaggregated revenues by geographic region and Note 15 for the Company’s disaggregated revenues by segment. These notes disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Contract Balances and Costs
Contract liabilities relate to deferred revenue, our unconditional right to receive consideration in advance of performance with respect to subscription revenue and advanced customer deposits with respect to product sales. The following table presents outstanding contract liabilities as of April 1, 2023 and June 30, 2023 and the amount of contract liabilities as of April 1, 2023 that were recognized as revenue during the three-month period ended June 30, 2023 (in thousands):
| | | | | | | | | | | | | Outstanding contract liabilities | | Outstanding contract liabilities as of April 1, 2023 Recognized as Revenue | As of June 30, 2023 | $ | 6,315 | | | | As of April 1, 2023 | $ | 5,000 | | | | For the three months ended June 30, 2023 | | | $ | 2,078 | |
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v3.23.2
Accrued Expenses and Other
|
3 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
Accrued Expenses and Other |
Accrued Expenses and Other | | | | | | | | | | | | (in thousands) | June 30, 2023 | | March 31, 2023 | | | | | Salaries, wages and related items | $ | 6,351 | | | $ | 4,748 | | Profit sharing and bonus | 768 | | | 1,672 | | Other deposits | 2,871 | | | 2,560 | | Other | 4,653 | | | 4,153 | | Total | $ | 14,643 | | | $ | 13,133 | |
|
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- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.23.2
Income Taxes
|
3 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Income Taxes During the three-month period ended June 30, 2023, the Company recorded $0.2 million in income tax expense at an effective tax rate ("ETR") of 114.7%. The Company records income taxes using an estimated annual effective tax rate for interim reporting. The primary factors contributing to the difference between the federal statutory rate of 21.0% and the Company's effective tax rate for the three-month period ended June 30, 2023 were the change in valuation allowance related to the Company's U.S. consolidated group, Delphax Solutions, Inc. and Delphax Technologies, Inc. (collectively known as "Delphax") and Landing Gear Support Services PTE LTD (known as "LGSS"), the estimated benefit for the exclusion of income for the Company's captive insurance company subsidiary ("SAIC") under Section 831(b), and the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail, and the foreign rate differentials for Air T's operations located in the Netherlands, Puerto Rico, and Singapore.
During the three-month period ended June 30, 2022, the Company recorded $0.2 million in income tax expense at an ETR of (31.5)%. The primary factors contributing to the difference between the federal statutory rate of 21.0% and the Company's effective tax rate for the three-month period ended June 30, 2022 were the change in valuation allowance related to the Company's subsidiaries in the corporate and other segment, Delphax, other capital losses, the estimated benefit for the exclusion of income for the SAIC under Section 831(b), and the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail.
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v3.23.2
Net Earnings (Loss) Per Share
|
3 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
Net Earnings (Loss) Per Share |
Net Earnings (Loss) Per Share Basic earnings (loss) per share has been calculated by dividing net income (loss) attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings (loss) per share, shares issuable under stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive. The computation of basic and diluted earnings per common share is as follows (in thousands, except for per share figures): | | | | | | | | | | | | | Three Months Ended June 30, | | 2023 | | 2022 | Net loss | $ | (27) | | | $ | (802) | | Net income attributable to non-controlling interests | (504) | | | (631) | | Net loss attributable to Air T, Inc. Stockholders | $ | (531) | | | $ | (1,433) | | Loss per share: | | | | Basic | $ | (0.19) | | | $ | (0.50) | | Diluted | $ | (0.19) | | | $ | (0.50) | | Antidilutive shares excluded from computation of loss per share | 5 | | | 7 | | | | | | Weighted Average Shares Outstanding: | | | | Basic | 2,818 | | | 2,866 | | Diluted | 2,818 | | | 2,866 | |
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v3.23.2
Intangible Assets and Goodwill
|
3 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Intangible Assets and Goodwill |
Intangible Assets and Goodwill Intangible assets as of June 30, 2023 and March 31, 2023 consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | June 30, 2023 | | Gross Carrying Amount | | Accumulated Amortization | | Net Book Value | Purchased software | $ | 551 | | | $ | (447) | | | $ | 104 | | Internally developed software | 3,670 | | (548) | | 3,122 | | In-place lease and other intangibles | 1,094 | | (259) | | 835 | | Customer relationships | 8,044 | | (996) | | 7,048 | | Patents | 1,112 | | (1,106) | | 6 | | Other | 1,799 | | (1,137) | | 662 | | | 16,270 | | (4,493) | | 11,777 | | In-process software | 57 | | — | | 57 | | Intangible assets, total | $ | 16,327 | | | $ | (4,493) | | | $ | 11,834 | |
| | | | | | | | | | | | | | | | | | | March 31, 2023 | | Gross Carrying Amount | | Accumulated Amortization | | Net Book Value | Purchased software | $ | 544 | | | $ | (433) | | | $ | 111 | | Internally developed software | 3,672 | | (465) | | 3,207 | In-place lease and other intangibles | 1,094 | | (229) | | 865 | Customer relationships | 8,050 | | (851) | | 7,199 | Patents | 1,112 | | (1,105) | | 7 | Other | 1,782 | | (1,108) | | 674 | | 16,254 | | (4,191) | | 12,063 | In-process software | 40 | | — | | 40 | Intangible assets, total | $ | 16,294 | | | $ | (4,191) | | | $ | 12,103 | |
Based on the intangible assets recorded at June 30, 2023 and assuming no subsequent additions to, or impairment of the underlying assets, the remaining estimated annual amortization expense is expected to be as follows: | | | | | | (In thousands) | | Year ending March 31, | Amortization | 2024 (excluding the three months ended June 30, 2023) | $ | 920 | | 2025 | 1,166 | 2026 | 1,083 | 2027 | 1,024 | 2028 | 976 | 2029 | 969 | Thereafter | 5,639 | | | $ | 11,777 | |
The carrying amount of goodwill as of June 30, 2023 and March 31, 2023 was $10.6 million. There was no impairment of goodwill during the three months ended June 30, 2023.
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v3.23.2
Investments in Securities and Derivative Instruments
|
3 Months Ended |
Jun. 30, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Investments in Securities and Derivative Instruments |
Investments in Securities and Derivative Instruments As part of the Company’s interest rate risk management strategy, the Company, from time to time, uses derivative instruments to minimize significant unanticipated earnings fluctuations that may arise from rising variable interest rate costs associated with existing borrowings (Air T Term Note A and Term Note D). To meet these objectives, the Company entered into interest rate swaps with notional amounts consistent with the outstanding debt to provide a fixed rate of 4.56% and 5.09%, respectively, on Term Notes A and D. The swaps mature in January 2028. On August 31, 2021, Air T and Minnesota Bank & Trust ("MBT") refinanced Term Note A and fixed its interest rate at 3.42%. As a result of this refinancing, the Company determined that the interest rate swap on Term Note A was no longer an effective hedge. The Company will amortize the fair value of the interest-rate swap contract included in accumulated other comprehensive income (loss) associated with Term Note A at the time of de-designation into earnings over the remainder of its term. In addition, any changes in the fair value of Term Note A's swap after August 31, 2021 are recognized directly into earnings. The remaining swap contract associated with Term Note D is designated as an effective cash flow hedging instrument in accordance with ASC 815. On January 7, 2022, Contrail completed an interest rate swap transaction with Old National Bank ("ONB") with respect to the $43.6 million loan made to Contrail in November 2020 pursuant to the Main Street Priority Loan Facility as established by the U.S. Federal Reserve ("Contrail - Term Note G"). The purpose of the floating-to-fixed interest rate swap transaction was to effectively fix the loan interest rate at 4.68%. As of February 24, 2022, this swap contract has been designated as a cash flow hedging instrument and qualified as an effective hedge in accordance with ASC 815. During the period between January 7, 2022 and February 24, 2022, the Company recorded a loss of approximately $0.1 million in the consolidated statement of income (loss) due to the changes in the fair value of the instrument prior to the designation and qualification of this instrument as an effective hedge. After it was deemed an effective hedge, the Company recorded changes in the fair value of the instrument in the consolidated statement of comprehensive income (loss). On March 30, 2023, Contrail made a prepayment of $6.7 million on Contrail - Term Note G. As a result of this prepayment, the Company determined that the interest rate swap on Contrail - Term Note G was no longer an effective hedge. The Company will amortize the fair value of the interest-rate swap contract included in accumulated other comprehensive income (loss) associated with Contrail - Term Note G at the time of de-designation into earnings over the remainder of its term. In addition, any changes in the fair value of Contrail - Term Note G's swap after March 30, 2023 are recognized directly into earnings. For the swap related to Air T Term Note D, the effective portion of changes in the fair value on this instrument is recorded in other comprehensive income (loss) and is reclassified into the consolidated statement of income (loss) as interest expense in the same period in which the underlying hedged transactions affect earnings. During the three months ended June 30, 2023 and 2022, the Company recorded a gain of approximately $24.0 thousand and $0.5 million, net of tax, respectively, with prior year's gain inclusive of Contrail - Term Note G due to its effective hedge designation at the time. These gains are included in the condensed consolidated statement of comprehensive income (loss) for changes in the fair value of these instruments. The interest rate swaps are considered Level 2 fair value measurements. As of June 30, 2023 and March 31, 2023, the fair value of these interest-rate swap contracts was an asset of $2.8 million and $2.4 million, respectively, which is included within other assets in the condensed consolidated balance sheets.
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v3.23.2
Equity Method Investments
|
3 Months Ended |
Jun. 30, 2023 |
Equity Method Investments and Joint Ventures [Abstract] |
|
Equity Method Investments |
Equity Method Investments The Company’s investment in Insignia Systems, Inc. - NASDAQ: ISIG (“Insignia”) is accounted for under the equity method of accounting. The Company has elected a three-month lag upon adoption of the equity method. As of June 30, 2023, the Company owned 0.5 million Insignia shares, representing approximately 27.1% of Insignia's outstanding shares. During the three months ended June 30, 2023, the Company's share of Insignia's net income for three months ended March 31, 2023 was $0.4 million. As of June 30, 2023, the Company's net investment basis in Insignia is $2.1 million. The Company's 20.1% investment in Cadillac Casting, Inc. ("CCI") is accounted for under the equity method of accounting. Due to the differing fiscal year-ends, the Company has elected a three-month lag to record the CCI investment at cost, with a basis difference of $0.3 million. The Company recorded income of $0.7 million as its share of CCI's net income for the three months ended June 30, 2023 , along with a basis difference adjustment of $12.0 thousand. The Company's net investment basis in CCI is $3.5 million as of June 30, 2023. Summarized unaudited financial information for the Company's equity method investees for the three months ended March 31, 2023 and 2022 is as follows (in thousands): | | | | | | | | | | | | | Three Months Ended | | March 31, 2023 | | March 31, 2022 | Revenue | $ | 51,157 | | | $ | 35,602 | | Gross Profit | 7,803 | | | 4,375 | | Operating income | 5,261 | | | 1,981 | | Net income | 5,116 | | | 1,750 | | Net income attributable to Air T, Inc. stockholders | $ | 1,130 | | | $ | 308 | |
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v3.23.2
Inventories
|
3 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Inventories |
Inventories Inventories consisted of the following (in thousands): | | | | | | | | | | | | | June 30, 2023 | | March 31, 2023 | Overnight air cargo: | | | | Finished goods | $ | 746 | | | $ | 546 | | Ground equipment manufacturing: | | | | Raw materials | 4,661 | | | 4,589 | | Work in process | 1,283 | | | 153 | | Finished goods | 5,032 | | | 6,976 | | Corporate and other: | | | | Raw materials | 809 | | | 794 | | Finished goods | 725 | | | 726 | | Commercial jet engines and parts: | | | | Whole engines available for sale or tear-down | 9,459 | | | 10,141 | | Parts | 45,330 | | | 50,813 | | Total inventories | 68,045 | | | 74,738 | | Reserves | (3,639) | | | (3,613) | | Total inventories, net of reserves | $ | 64,406 | | | $ | 71,125 | |
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v3.23.2
Leases
|
3 Months Ended |
Jun. 30, 2023 |
Leases [Abstract] |
|
Leases |
Leases The Company has operating leases for the use of real estate, machinery, and office equipment. The majority of our leases have a term of 2 to 5 years; however, we have certain leases with longer terms of up to 30 years. Many of our leases include options to extend the lease for an additional period. The lease term for all of the Company’s leases includes the non-cancellable period of the lease, plus any additional periods covered by either a Company option to extend the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor that is considered likely to be exercised. Payments due under the lease contracts include fixed payments plus, for some of our leases, variable payments. Variable payments are typically operating costs associated with the underlying asset and are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Our leases do not contain residual value guarantees. The Company has elected to combine lease and non-lease components as a single component and not to recognize leases on the balance sheet with an initial term of one year or less. The interest rate implicit in lease contracts is typically not readily determinable, and as such the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The components of lease cost for the three months ended June 30, 2023 and 2022 are as follows (in thousands): | | | | | | | | | | | | | Three Months Ended June 30, | | 2023 | | 2022 | Operating lease cost | $ | 683 | | | $ | 491 | | Short-term lease cost | 85 | | | 185 | | Variable lease cost | 185 | | | 136 | | Total lease cost | $ | 953 | | | $ | 812 | |
Amounts reported in the consolidated balance sheets for leases where we are the lessee as of June 30, 2023 and March 31, 2023 were as follows (in thousands): | | | | | | | | | | | | | June 30, 2023 | | March 31, 2023 | Operating leases | | | | Operating lease ROU assets | $ | 12,133 | | | $ | 11,666 | | Operating lease liabilities | $ | 12,843 | | | $ | 12,435 | | | | | | Weighted-average remaining lease term | | | | Operating leases | 12 years, 5 months | | 12 years, 11 months | | | | | Weighted-average discount rate | | | | Operating leases | 5.03 | % | | 4.99 | % |
Maturities of lease liabilities under non-cancellable leases where we are the lessee as of June 30, 2023 are as follows (in thousands): | | | | | | | Operating Leases | 2024 (excluding the three months ended June 30, 2023) | $ | 1,843 | | 2025 | 2,297 | | 2026 | 2,011 | | 2027 | 1,859 | | 2028 | 1,387 | | 2029 | 750 | | Thereafter | 8,227 | | Total undiscounted lease payments | 18,374 | | Interest | (4,607) | | Discount | (924) | | Total lease liabilities | $ | 12,843 | |
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v3.23.2
Financing Arrangements
|
3 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Financing Arrangements |
Financing Arrangements Borrowings of the Company and its subsidiaries are summarized below at June 30, 2023 and March 31, 2023, respectively.
Effective May 26, 2023, Contrail entered into the Fourth Amendment to Master Loan Agreement and the Amended and Restated Promissory Note Term Note G with Old National Bank ("ONB"). The purpose of the amended documents was to replace the one-month LIBOR based interest rate with a one-month SOFR-based rate. All other material terms of the obligations remain the same. The principal amount of the loan was $38.2 million on the effective date of the amended documents and the applicable interest rate is now the one-month SOFR based rate, as defined in the loan agreement, plus 3.11%.
Effective May 26, 2023, Contrail entered into the First Amendment to Supplement #8 to Master Loan Agreement, the Fifth Amendment to Supplement #2 to the Master Loan Agreement and the Fourth Amended and Restated Promissory Note Revolving Note with ONB. The purpose of the amended documents was to replace the LIBOR based interest rate with a one-month SOFR based rate. All other material terms of the obligation remain the same. The maximum principal amount of the revolving note remains at $25.0 million and the applicable interest rate is now the one-month SOFR-based rate, as defined in the loan agreement, plus 3.56%.
On May 26, 2023, AirCo 1 executed an Amendment to Main Street Priority Loan Facility Term Loan Agreement with Park State Bank ("PSB"). The Amendment replaces the three-month LIBOR benchmark applicable to the loan with a three-month SOFR based rate, which is defined as the three-month SOFR rate plus 3.26%. The principal amount of the loan was $6.4 million on the effective date of the amended agreement. The interest rate is to be determined on the 11th day of each month on the amounts that remain outstanding, commencing June 11, 2023.
On June 23, 2023, the Company and MBT entered into amendments to the MBT revolving credit agreement and related promissory note. The amendments extended the maturity date of the credit facility to August 31, 2024 and include the following changes:
1. A $2.0 million seasonal increase in the maximum amount available under the facility. The maximum amount of the facility will now increase to $19.0 million between May 1 and November 30 of each year and will decrease to $17.0 million between December 1 and April 30 of each year; 2.The reference rate for the interest rate payable on the revolving facility will change from Prime to SOFR, plus a spread. The exact spread over SOFR will change every September 30 and March 31 based on the Company calculated funded debt leverage ratio (defined as total debt divided by EBITDA). Depending on the result of the calculation, the interest rate spread applicable to the facility will range between 2.25% and 3.25%; 3.The unused commitment fee on the revolving credit facility will increase from 0.11% to 0.15%; and, 4.The covenant restricting the Company’s use of funds for “Other Investments” was revised to limit the Company to $5.0 million of “Other Investments” per year.
The following table provides certain information about the current financing arrangements of the Company and its subsidiaries as of June 30, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In Thousands) | June 30, 2023 | | March 31, 2023 | | Maturity Date | | Interest Rate | | Unused commitments at June 30, 2023 | Air T Debt | | | | | | | | | | Revolver - MBT | $ | 13,366 | | | $ | 8,742 | | | 8/31/2024 | | SOFR + range of 2.25% - 3.25% | | $ | 5,634 | | Term Note A - MBT | 7,563 | | | 7,762 | | | 8/31/2031 | | 3.42% | | | Term Note B - MBT | 2,670 | | | 2,740 | | | 8/31/2031 | | 3.42% | | | Term Note D - MBT | 1,321 | | | 1,338 | | | 1/1/2028 | | 1-month LIBOR + 2.00% | | | Term Note E - MBT | 235 | | | 800 | | | 6/25/2025 | | Greater of LIBOR + 1.50% or 2.50% | | | Term Note F - MBT | 933 | | | 983 | | | 1/31/2028 | | Greater of 6.00% or Prime + 1.00% | | | Debt - Trust Preferred Securities | 25,602 | | | 25,598 | | | 6/7/2049 | | 8.00% | | | Total | 51,690 | | | 47,963 | | | | | | | | | | | | | | | | | | AirCo 1 Debt | | | | | | | | | | Term Loan - PSB | 6,393 | | | 6,393 | | | 12/11/2025 | | 3-month SOFR + 3.26% | | | Total | 6,393 | | | 6,393 | | | | | | | | | | | | | | | | | | Jet Yard Debt | | | | | | | | | | Term Loan - MBT | 1,819 | | | 1,844 | | | 8/31/2031 | | 4.14% | | | Total | 1,819 | | | 1,844 | | | | | | | | | | | | | | | | | | Contrail Debt | | | | | | | | | | Revolver - ONB | 5,183 | | | 12,441 | | | 9/5/2023 | | 1-month SOFR + 3.56% | | $ | 19,817 | | Term Loan G - ONB | 38,180 | | | 38,180 | | | 11/24/2025 | | 1-month SOFR + 3.11% | | | Total | 43,363 | | | 50,621 | | | | | | | | | | | | | | | | | | Delphax Solutions Debt | | | | | | | | | | Canadian Emergency Business Account Loan | 30 | | | 30 | | | 12/31/2025 | | 5.00% | | | Total | 30 | | | 30 | | | | | | | | | | | | | | | | | | Wolfe Lake Debt | | | | | | | | | | Term Loan - Bridgewater | 9,523 | | | 9,586 | | | 12/2/2031 | | 3.65% | | | Total | 9,523 | | | 9,586 | | | | | | | | | | | | | | | | | | Air T Acquisition 22.1 | | | | | | | | | | Term Loan - Bridgewater | 4,500 | | | 4,500 | | | 2/8/2027 | | 4.00% | | | Term Loan A - ING | 2,445 | | | 2,610 | | | 2/1/2027 | | 3.50% | | | Term Loan B - ING | 1,087 | | | 1,088 | | | 5/1/2027 | | 4.00% | | | Total | 8,032 | | | 8,198 | | | | | | | | | | | | | | | | | | WASI Debt | | | | | | | | | | Promissory Note - Seller's Note | 1,171 | | | 1,279 | | | 1/1/2026 | | 6.00% | | | Total | 1,171 | | | 1,279 | | | | | | | | | | | | | | | | | | Total Debt | 122,021 | | | 125,914 | | | | | | | | | | | | | | | | | | Unamortized Debt Issuance Costs | (763) | | | (829) | | | | | | | | Total Debt, net | $ | 121,258 | | | $ | 125,085 | | | | | | | |
At June 30, 2023, our contractual financing obligations, including payments due by period, are as follows (in thousands): | | | | | | Due by | Amount | June 30, 2024 | $ | 22,721 | | June 30, 2025 | 24,499 | | June 30, 2026 | 26,160 | | June 30, 2027 | 6,476 | | June 30, 2028 | 2,877 | | Thereafter | 39,288 | | | 122,021 | | Unamortized Debt Issuance Costs | (763) | | | $ | 121,258 | |
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.2
Shares Repurchased
|
3 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Shares Repurchased |
Shares Repurchased On May 14, 2014, the Company announced that its Board of Directors had authorized a program to repurchase up to 750,000 (retrospectively adjusted to 1,125,000 after the stock split on June 10, 2019) shares of the Company’s common stock from time to time on the open market or in privately negotiated transactions, in compliance with SEC Rule 10b-18, over an indefinite period. During the three months ended June 30, 2023, the Company repurchased 620 shares at an aggregate cost of $15.0 thousand. All of these repurchased shares were recorded as treasury shares as of June 30, 2023. On August 16, 2022, President Biden signed the Inflation Reduction Act ("IRA") into law. The IRA enacted a 15% corporate minimum tax rate (subject to certain thresholds being met), a 1% excise tax on share repurchases made after December 31, 2022, and created and extended certain tax-related energy incentives.
As a result of the IRA's enactment into law, the Company is now subject to a 1% excise tax on share repurchases, effective for share repurchases made after December 31, 2022. This excise tax may be reduced for the value of certain share issuances. The excise tax incurred in connection with the Company's stock repurchases during the three months ended June 30, 2023 was not material.
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- DefinitionThe entire disclosure for equity.
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v3.23.2
Geographical Information
|
3 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
Geographical Information |
Geographical Information Total tangible long-lived assets, net of accumulated depreciation, located in the United States, the Company's country of domicile, and held outside the United States are summarized in the following table as of June 30, 2023 and March 31, 2023 (in thousands): | | | | | | | | | | | | | June 30, 2023 | | March 31, 2023 | United States | $ | 21,454 | | | $ | 21,433 | | Foreign | 50 | | | 89 | | Total tangible long-lived assets, net | $ | 21,504 | | | $ | 21,522 | |
The net book value located within each individual country at June 30, 2023 and March 31, 2023 is listed below (in thousands): | | | | | | | | | | | | | June 30, 2023 | | March 31, 2023 | The Netherlands | $ | 42 | | | $ | 42 | | Other | 8 | | | 47 | | Total tangible long-lived assets, net | $ | 50 | | | $ | 89 | |
Total revenue, in and outside the United States, is summarized in the following table for the three months ended June 30, 2023 and June 30, 2022 (in thousands): | | | | | | | | | | | | | June 30, 2023 | | June 30, 2022 | United States | $ | 61,722 | | | $ | 41,952 | | Foreign | 9,709 | | | 8,910 | | Total revenue | $ | 71,431 | | | $ | 50,862 | |
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v3.23.2
Segment Information
|
3 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
Segment Information |
Segment Information The Company has four business segments: overnight air cargo, ground equipment sales, commercial jet engine and parts segment and corporate and other. Segment data is summarized as follows (in thousands): | | | | | | | | | | | | (In Thousands) | Three Months Ended June 30, | | 2023 | | 2022 | Operating Revenues by Segment: | | | | Overnight Air Cargo: | | | | Domestic | $ | 27,137 | | | $ | 20,564 | | International | 591 | | | — | | Total Overnight Air Cargo | 27,728 | | | 20,564 | | Ground Equipment Sales: | | | | Domestic | 11,698 | | | 3,907 | | International | 89 | | | 1,908 | | Total Ground Equipment Sales | 11,787 | | | 5,815 | | Commercial Jet Engines and Parts: | | | | Domestic | 21,968 | | | 16,732 | | International | 7,878 | | | 6,123 | | Total Commercial Jet Engines and Parts | 29,846 | | | 22,855 | | Corporate and Other: | | | | Domestic | 919 | | | 749 | | International | 1,151 | | | 879 | | Total Corporate and Other | 2,070 | | | 1,628 | | Total | 71,431 | | | 50,862 | | | | | | Operating Income (Loss): | | | | Overnight Air Cargo | 1,935 | | | 1,077 | | Ground Equipment Sales | (85) | | | 142 | | Commercial Jet Engines and Parts | 1,478 | | | 3,074 | | Corporate and Other | (2,670) | | | (3,459) | | Total | 658 | | | 834 | | | | | | Capital Expenditures: | | | | Overnight Air Cargo | 158 | | | 99 | | Ground Equipment Sales | 33 | | | 9 | | Commercial Jet Engines and Parts | 120 | | | 74 | | Corporate and Other | 93 | | | 189 | | Total | 404 | | | 371 | | | | | | Depreciation and Amortization: | | | | Overnight Air Cargo | 85 | | | 20 | | Ground Equipment Sales | 34 | | | 49 | | Commercial Jet Engines and Parts | 190 | | | 434 | | Corporate and Other | 381 | | | 358 | | Total | $ | 690 | | | $ | 861 | |
The table below provides a reconciliation of operating income (loss) to Adjusted EBITDA by reportable segment for the three months ended June 30, 2023 and 2022 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2023 | | | | Overnight Air Cargo | | Ground Equipment Sales | | Commercial Jet Engines and Parts | | Corporate and Other | | Total | Operating income (loss) | $ | 1,935 | | | $ | (85) | | | $ | 1,478 | | | $ | (2,670) | | | $ | 658 | | Depreciation and amortization (excluding leased engines depreciation) | 85 | | | 34 | | | 190 | | | 381 | | | 690 | | | | | | | | | | | | Gain on sale of property and equipment | (6) | | | — | | | — | | | — | | | (6) | | Securities expenses | — | | | — | | | — | | | 45 | | 45 | | Adjusted EBITDA | $ | 2,014 | | | $ | (51) | | | $ | 1,668 | | | $ | (2,244) | | | $ | 1,387 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2022 | | | | Overnight Air Cargo | | Ground Equipment Sales | | Commercial Jet Engines and Parts | | Corporate and Other | | Total | Operating income (loss) | $ | 1,077 | | | $ | 142 | | | $ | 3,074 | | | $ | (3,459) | | | $ | 834 | | Depreciation and amortization (excluding leased engines depreciation) | 19 | | | 49 | | | 179 | | | 358 | | | 605 | | | | | | | | | | | | Gain on sale of property and equipment | — | | | — | | | (2) | | | — | | | (2) | | Securities expenses | — | | | — | | | — | | | 15 | | | 15 | | Adjusted EBITDA | $ | 1,096 | | | $ | 191 | | | $ | 3,251 | | | $ | (3,086) | | | $ | 1,452 | |
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.23.2
Commitments and Contingencies
|
3 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Commitments and Contingencies Contrail Put/Call Option Contrail entered into an Operating Agreement (the “Contrail Operating Agreement”) in connection with the acquisition of Contrail providing for the governance of and the terms of membership interests in Contrail and including put and call options with the Seller to require Contrail to purchase all of the Seller’s equity membership interests in Contrail commencing on the fifth anniversary of the acquisition, which occurred on July 18, 2021. The Company has presented this redeemable non-controlling interest in Contrail ("Contrail RNCI") between the liabilities and equity sections of the accompanying condensed consolidated balance sheets. In addition, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Contrail RNCI is a Level 3 fair value measurement that is valued at $8.0 million as of June 30, 2023. The change in the redemption value compared to March 31, 2023 is an increase of $7.0 thousand, which was driven by the decrease in fair value of $0.1 million and net income attributable to non-controlling interest of $0.2 million, partially offset by distributions to non-controlling interest of $0.1 million. As of the date of this filing, neither the Seller nor the Company has indicated an intent to exercise the put and call options. If either side were to exercise the option, the Company anticipates that the price would approximate the fair value of the Contrail RNCI, as determined on the transaction date. The Company currently expects that it would fund any required payment from cash provided by operations. Contrail Asset Management, LLC and CJVII, LLC On May 5, 2021, the Company formed an aircraft asset management business called Contrail Asset Management, LLC ("CAM"), and an aircraft capital joint venture called Contrail JV II LLC ("CJVII"). The new ventures focus on acquiring commercial aircraft and jet engines for leasing, trading and disassembly. The joint venture, CJVII, was formed as a series LLC ("CJVII Series"). It consists of several individual series that target investments in current generation narrow-body aircraft and engines, building on Contrail’s origination and asset management expertise. CAM was formed to serve two separate and distinct functions: 1) to direct the sourcing, acquisition and management of aircraft assets owned by CJVII Series as governed by the Management Agreement between CJVII and CAM (“Asset Management Function”), and 2) to directly invest into CJVII Series alongside other institutional investment partners (“Investment Function”). CAM has two classes of equity interests: 1) common interests and 2) investor interests. Neither interest votes as the entity is operated by a Board of Directors. The common interests of CAM relate to its Asset Management Function. The investor interests of CAM relate to the Company’s and Mill Road Capital’s (“MRC”) investments through CAM into CJVII (the Investment Function) and ultimately into the individual CJVII Series. With regard to CAM’s common interests, the Company currently owns 90% of the economic common interests in CAM, and MRC owns the remaining 10%. MRC invested $1.0 million directly into CAM in exchange for 10% of the common interests. For the Asset Management Function, CAM receives origination fees, management fees, consignment fees (where applicable) and a carried interest from the direct investors into each CJVII Series. Such fee income and carried interest will be distributed to the Company and MRC in proportion to their respective common interests. For its Investment Function, CAM's initial commitment to CJVII was approximately $51.0 million. The Company and MRC have commitments to CAM in the respective amounts of $7.0 million and $44.0 million. These represent the investor interests of CAM, separate and distinct from the common interests. Any investment returns on CAM’s investor interests are shared pro-rata between the Company and MRC for each individual investment at the CJVII Series. As of March 31, 2023, Air T has fulfilled its Investment Function initial commitment to CAM. Per its Operating Agreement, CAM is comprised of only two Series: the Onshore and the Offshore Series. Participation in each is determined solely based on whether a potential investment at the CJVII Series is a domestic (Onshore) or international (Offshore) investment. As of June 30, 2023, for its Investment Function, the Company has contributed $1.0 million to CAM’s Offshore Series and $6.9 million to CAM’s Onshore Series. The Company determined that CAM is a variable interest entity and that the Company is not the primary beneficiary. This is primarily the result of the Company's conclusion that it does not control CAM’s Board of Directors, which has the power to direct the activities that most significantly impact the economic performance of CAM. Accordingly, the Company does not consolidate CAM and has determined to account for this investment using equity method accounting. As of June 30, 2023, the Company's net investment basis in CAM is $5.3 million. In connection with the formation of CAM, MRC has a fixed price put option of $1.0 million to sell its common equity in CAM to the Company at each of the first three (3) anniversary dates. At the later of (a) five (5) years after execution of the agreement and (b) distributions to MRC per the waterfall equal to their capital contributions, Air T has a call option and MRC has a put option on the MRC common interests in CAM. If either party exercises the option, the exercise price will be fair market value if Air T pays in cash at closing or 112.5% of fair market value if Air T opts to pay in three (3) equal annual installments after exercise. With respect to the secondary put and call option, as it is priced at fair value, the Company also determined that there is no potential loss or gain upon exercise that would need to be recognized
Shanwick Put/Call Option In February 2022, in connection with the Company's acquisition of GdW, a consolidated subsidiary of Shanwick, the Company entered into a shareholder agreement with the 30.0% non-controlling interest owners of Shanwick, providing for the governance of and the terms of membership interests in Shanwick. The shareholder agreement includes the Shanwick Put/Call Option with regard to the 30.0% non-controlling interest. The non-controlling interest holders are the executive management of the underlying business. The Shanwick Put/Call Option grants the Company an option to purchase the 30.0% interest at the call option price that equals to the average EBIT over the 3 Financial Years prior to the exercise of the Call Option multiplied by 8. In addition, the Shanwick Put/Call Option also grants the non-controlling interest owners an option to require the Company to purchase from them their respective ownership interests at the Put Option price, that is equal to the average EBIT over the 3 Financial Years prior to the exercise of the Put Option multiplied by 7.5. The Call Option and the Put Option may be exercised at any time from the fifth anniversary of the shareholder agreement and then only at the end of each fiscal year of Air T ("Shanwick RNCI").
The Company has presented this redeemable non-controlling interest in Shanwick between the liabilities and equity sections of the accompanying condensed consolidated balance sheets. In addition, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the estimated redemption value at the end of each reporting period. As the Shanwick RNCI will be redeemed at established multiples of EBIT, it is considered redeemable at other than fair value. Changes in its estimated redemption value are recorded on our consolidated statements of operations within non-controlling interests. The Shanwick RNCI's estimated redemption value is $4.9 million as of June 30, 2023, which was comprised of the following (in thousands):
| | | | | | | | | | | Shanwick RNCI | Beginning Balance as of April 1, 2023 | | $ | 4,738 | | Contribution from non-controlling members | | — | | Distribution to non-controlling members | | (166) | | Net income attributable to non-controlling interests | | 86 | | Redemption value adjustments | | 199 | | Ending Balance as of June 30, 2023 | | $ | 4,857 | |
2020 Omnibus Stock and Incentive Plan On December 29, 2020, the Company’s Board of Directors unanimously approved the Omnibus Stock and Incentive Plan (the "Plan"), which was subsequently approved by the Company's stockholders at the August 18, 2021 Annual Meeting of Stockholders. The total number of shares authorized under the Plan is 420,000. Among other instruments, the Plan permits the Company to grant stock option awards. As of June 30, 2023, options to purchase up to 260,670 shares are outstanding under the Plan. Vesting of options is based on the grantee meeting specified service conditions. Furthermore, the number of vested options that a grantee is able to exercise, if any, is based on the Company’s stock price as of the vesting dates specified in the respective option grant agreements. For the three months ended June 30, 2023, total compensation cost recognized under the Plan was $79.0 thousand.
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v3.23.2
Subsequent Events
|
3 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Subsequent EventsManagement performs an evaluation of events that occur after the balance sheet date but before condensed consolidated financial statements are issued for potential recognition or disclosure of such events in its condensed consolidated financial statements.
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v3.23.2
Financial Statement Presentation (Policies)
|
3 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Recently Adopted Accounting Pronouncements |
Recently Issued Accounting Pronouncements
In March 2020, the FASB issued ASU 2020-04- Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this Update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In December 2022, the FASB issued ASU 2022-06- Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. The amendments in this Update defer the implementation deadline of Topic 848 from December 31, 2022, to December 31, 2024. The Company is currently in the process of converting its LIBOR-based contracts, hedging relationships, and other transactions to other reference rates and anticipates that this process will be complete by September 30, 2023.
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v3.23.2
Acquisitions (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Schedule of Total Consideration |
The acquisition date's fair value of the consideration is summarized in the table below (in thousands): | | | | | | | January 31, 2023 | Cash consideration | $ | 1,628 | | Seller's Note | 1,370 | | | | Total consideration | $ | 2,998 | |
Total consideration is summarized in the table below (in thousands): | | | | | | | February 10, 2022 | Consideration paid | $ | 15,256 | | Less: Cash acquired | (2,452) | | Less: Net assets acquired | (6,520) | | Goodwill | $ | 6,284 | |
|
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
The following table outlines the consideration transferred and purchase price allocation at the respective fair values as of January 31, 2023 (in thousands): | | | | | | | January 31, 2023 | ASSETS | | Accounts receivable | $ | 1,037 | | Inventory | 517 | Other current assets | 97 | Property, plant and equipment, net | 403 | Intangible -Trade Name | 342 | Intangible - Non-competition Agreement | 19 | Intangible - Customer Relationships | 683 | Other assets | 20 | Total assets | $ | 3,118 | | | | LIABILITIES | | Accounts payable | 61 | Accrued expenses and deferred revenue | 635 | Total liabilities | $ | 696 | | | | Net assets acquired | $ | 2,422 | | | | Consideration paid | 2,998 | | Less: Cash acquired | (500) | | Less: Net assets acquired | (2,422) | | Goodwill | $ | 76 | | The following table outlines the consideration transferred and purchase price allocation at the respective fair values as of February 10, 2022 (in thousands): | | | | | | | February 10, 2022 | ASSETS | | Accounts Receivable | $ | 715 | | Other current assets | 67 | Property, plant and equipment, net | 40 | Intangible - Proprietary Database | 2,576 | Intangible - Customer Relationships | 7,267 | Total assets | 10,665 | | | LIABILITIES | | Accounts payable | 15 | Accrued expenses and deferred revenue | 1,670 | Deferred income tax liabilities, net | 2,460 | Total liabilities | 4,145 | | | | Net assets acquired | $ | 6,520 | |
|
Schedule of Income Recognized By Acquired Entity |
The following table sets forth the revenue and expenses of WASI that are included in the Company’s condensed consolidated statement of income for the fiscal year ended March 31, 2023 (in thousands): | | | | | | | Income Statement Post-Acquisition | Revenue | $ | 929 | | Cost of Sales | 676 | | Operating Expenses | 425 | | Operating Loss | (172) | | Non-operating expense | (22) | | Net loss | $ | (194) | |
The following table sets forth the revenue and expenses of GdW, prior to intercompany eliminations, which are included in the Company’s condensed consolidated statement of income for the fiscal year ended March 31, 2022 (in thousands): | | | | | | | Income Statement Post-Acquisition | Revenue | $ | 887 | | Cost of Sales | 145 | | Operating Expenses | 701 | | Operating Income | 41 | | Non-operating income | 19 | | Net income | $ | 60 | |
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v3.23.2
Revenue Recognition (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Performance Obligation Terms |
The following is a description of the Company’s performance obligations: | | | | | | Type of Revenue | Nature, Timing of Satisfaction of Performance Obligations, and Significant Payment Terms | Product Sales | The Company generates revenue from sales of various distinct products such as parts, aircraft equipment, jet engines, airframes, and scrap metal to its customers. A performance obligation is created when the Company accepts an order from a customer to provide a specified product. Each product ordered by a customer represents a performance obligation.
The Company recognizes revenue when obligations under the terms of the contract are satisfied; generally, this occurs at a point-in-time upon shipment or when control is transferred to the customer. Transaction prices are based on contracted terms, which are at fixed amounts based on standalone selling prices. While the majority of the Company's contracts do not have variable consideration, for the limited number of contracts that do, the Company records revenue based on the standalone selling price less an estimate of variable consideration (such as rebates, discounts or prompt payment discounts). The Company estimates these amounts based on the expected incentive amount to be provided to customers and reduces revenue accordingly. Performance obligations are short-term in nature and customers are typically billed upon transfer of control. The Company records all shipping and handling fees billed to customers as revenue.
The terms and conditions of the customer purchase orders or contracts are dictated by either the Company’s standard terms and conditions or by a master service agreement or by the contract. | Support Services | The Company provides a variety of support services such as aircraft maintenance and short-term repair services to its customers. Additionally, the Company operates certain aircraft routes on behalf of FedEx. A performance obligation is created when the Company agrees to provide a particular service to a customer. For each service, the Company recognizes revenues over time as the customer simultaneously receives the benefits provided by the Company's performance. This revenue recognition can vary from when the Company has a right to invoice to the output or input method depending on the structure of the contract and management’s analysis.
For repair-type services, the Company records revenue over-time based on an input method of costs incurred to total estimated costs. The Company believes this is appropriate as the Company is performing labor hours and installing parts to enhance an asset that the customer controls. The vast majority of repair-services are short term in nature and are typically billed upon completion of the service.
Some of the Company’s contracts contain a promise to stand ready as the Company is obligated to perform certain maintenance or administrative services. For most of these contracts, the Company applies the 'as invoiced' practical expedient as the Company has a right to consideration from the customer in an amount that corresponds directly with the value of the entity's performance completed to date. A small number of contracts are accounted for as a series and recognized equal to the amount of consideration the Company is entitled to less an estimate of variable consideration (typically rebates). These services are typically ongoing and are generally billed on a monthly basis. |
|
Disaggregation of Revenue |
The following table summarizes disaggregated revenues by type (in thousands): | | | | | | | | | | | | | Three Months Ended June 30, | | 2023 | | 2022 | Product Sales | | | | Air Cargo | $ | 9,171 | | | $ | 6,354 | | Ground equipment sales | 11,575 | | | 5,577 | | Commercial jet engines and parts | 26,759 | | | 20,310 | | Corporate and other | 335 | | | 116 | | Support Services | | | | Air Cargo | 18,550 | | | 14,060 | | Ground equipment sales | 93 | | | 140 | | Commercial jet engines and parts | 2,946 | | | 1,975 | | Corporate and other | 1,255 | | | 1,024 | | Leasing Revenue | | | | Air Cargo | — | | | — | | Ground equipment sales | 25 | | | 43 | | Commercial jet engines and parts | 12 | | | 541 | | Corporate and other | 387 | | | 388 | | Other | | | | Air Cargo | 7 | | | 150 | | Ground equipment sales | 94 | | | 55 | | Commercial jet engines and parts | 129 | | | 29 | | Corporate and other | 93 | | | 100 | | | | | | Total | $ | 71,431 | | | $ | 50,862 | |
|
Contract with Customer, Asset and Liability |
The following table presents outstanding contract liabilities as of April 1, 2023 and June 30, 2023 and the amount of contract liabilities as of April 1, 2023 that were recognized as revenue during the three-month period ended June 30, 2023 (in thousands): | | | | | | | | | | | | | Outstanding contract liabilities | | Outstanding contract liabilities as of April 1, 2023 Recognized as Revenue | As of June 30, 2023 | $ | 6,315 | | | | As of April 1, 2023 | $ | 5,000 | | | | For the three months ended June 30, 2023 | | | $ | 2,078 | |
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v3.23.2
Accrued Expenses and Other (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
Schedule Accrued Expenses |
| | | | | | | | | | | | (in thousands) | June 30, 2023 | | March 31, 2023 | | | | | Salaries, wages and related items | $ | 6,351 | | | $ | 4,748 | | Profit sharing and bonus | 768 | | | 1,672 | | Other deposits | 2,871 | | | 2,560 | | Other | 4,653 | | | 4,153 | | Total | $ | 14,643 | | | $ | 13,133 | |
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v3.23.2
Net Earnings (Loss) Per Share (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of Earnings Per Share, Basic and Diluted |
The computation of basic and diluted earnings per common share is as follows (in thousands, except for per share figures): | | | | | | | | | | | | | Three Months Ended June 30, | | 2023 | | 2022 | Net loss | $ | (27) | | | $ | (802) | | Net income attributable to non-controlling interests | (504) | | | (631) | | Net loss attributable to Air T, Inc. Stockholders | $ | (531) | | | $ | (1,433) | | Loss per share: | | | | Basic | $ | (0.19) | | | $ | (0.50) | | Diluted | $ | (0.19) | | | $ | (0.50) | | Antidilutive shares excluded from computation of loss per share | 5 | | | 7 | | | | | | Weighted Average Shares Outstanding: | | | | Basic | 2,818 | | | 2,866 | | Diluted | 2,818 | | | 2,866 | |
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v3.23.2
Intangible Assets and Goodwill (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Finite-Lived Intangible Assets |
Intangible assets as of June 30, 2023 and March 31, 2023 consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | June 30, 2023 | | Gross Carrying Amount | | Accumulated Amortization | | Net Book Value | Purchased software | $ | 551 | | | $ | (447) | | | $ | 104 | | Internally developed software | 3,670 | | (548) | | 3,122 | | In-place lease and other intangibles | 1,094 | | (259) | | 835 | | Customer relationships | 8,044 | | (996) | | 7,048 | | Patents | 1,112 | | (1,106) | | 6 | | Other | 1,799 | | (1,137) | | 662 | | | 16,270 | | (4,493) | | 11,777 | | In-process software | 57 | | — | | 57 | | Intangible assets, total | $ | 16,327 | | | $ | (4,493) | | | $ | 11,834 | |
| | | | | | | | | | | | | | | | | | | March 31, 2023 | | Gross Carrying Amount | | Accumulated Amortization | | Net Book Value | Purchased software | $ | 544 | | | $ | (433) | | | $ | 111 | | Internally developed software | 3,672 | | (465) | | 3,207 | In-place lease and other intangibles | 1,094 | | (229) | | 865 | Customer relationships | 8,050 | | (851) | | 7,199 | Patents | 1,112 | | (1,105) | | 7 | Other | 1,782 | | (1,108) | | 674 | | 16,254 | | (4,191) | | 12,063 | In-process software | 40 | | — | | 40 | Intangible assets, total | $ | 16,294 | | | $ | (4,191) | | | $ | 12,103 | |
|
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
Based on the intangible assets recorded at June 30, 2023 and assuming no subsequent additions to, or impairment of the underlying assets, the remaining estimated annual amortization expense is expected to be as follows: | | | | | | (In thousands) | | Year ending March 31, | Amortization | 2024 (excluding the three months ended June 30, 2023) | $ | 920 | | 2025 | 1,166 | 2026 | 1,083 | 2027 | 1,024 | 2028 | 976 | 2029 | 969 | Thereafter | 5,639 | | | $ | 11,777 | |
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v3.23.2
Equity Method Investments (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Equity Method Investments and Joint Ventures [Abstract] |
|
Summarized Unaudited Financial Information |
Summarized unaudited financial information for the Company's equity method investees for the three months ended March 31, 2023 and 2022 is as follows (in thousands): | | | | | | | | | | | | | Three Months Ended | | March 31, 2023 | | March 31, 2022 | Revenue | $ | 51,157 | | | $ | 35,602 | | Gross Profit | 7,803 | | | 4,375 | | Operating income | 5,261 | | | 1,981 | | Net income | 5,116 | | | 1,750 | | Net income attributable to Air T, Inc. stockholders | $ | 1,130 | | | $ | 308 | |
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v3.23.2
Inventories (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventory, Current |
Inventories consisted of the following (in thousands): | | | | | | | | | | | | | June 30, 2023 | | March 31, 2023 | Overnight air cargo: | | | | Finished goods | $ | 746 | | | $ | 546 | | Ground equipment manufacturing: | | | | Raw materials | 4,661 | | | 4,589 | | Work in process | 1,283 | | | 153 | | Finished goods | 5,032 | | | 6,976 | | Corporate and other: | | | | Raw materials | 809 | | | 794 | | Finished goods | 725 | | | 726 | | Commercial jet engines and parts: | | | | Whole engines available for sale or tear-down | 9,459 | | | 10,141 | | Parts | 45,330 | | | 50,813 | | Total inventories | 68,045 | | | 74,738 | | Reserves | (3,639) | | | (3,613) | | Total inventories, net of reserves | $ | 64,406 | | | $ | 71,125 | |
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v3.23.2
Leases (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Leases [Abstract] |
|
Lease, Cost |
The components of lease cost for the three months ended June 30, 2023 and 2022 are as follows (in thousands): | | | | | | | | | | | | | Three Months Ended June 30, | | 2023 | | 2022 | Operating lease cost | $ | 683 | | | $ | 491 | | Short-term lease cost | 85 | | | 185 | | Variable lease cost | 185 | | | 136 | | Total lease cost | $ | 953 | | | $ | 812 | |
Amounts reported in the consolidated balance sheets for leases where we are the lessee as of June 30, 2023 and March 31, 2023 were as follows (in thousands): | | | | | | | | | | | | | June 30, 2023 | | March 31, 2023 | Operating leases | | | | Operating lease ROU assets | $ | 12,133 | | | $ | 11,666 | | Operating lease liabilities | $ | 12,843 | | | $ | 12,435 | | | | | | Weighted-average remaining lease term | | | | Operating leases | 12 years, 5 months | | 12 years, 11 months | | | | | Weighted-average discount rate | | | | Operating leases | 5.03 | % | | 4.99 | % |
|
Lessee, Operating Lease, Liability, Maturity |
Maturities of lease liabilities under non-cancellable leases where we are the lessee as of June 30, 2023 are as follows (in thousands): | | | | | | | Operating Leases | 2024 (excluding the three months ended June 30, 2023) | $ | 1,843 | | 2025 | 2,297 | | 2026 | 2,011 | | 2027 | 1,859 | | 2028 | 1,387 | | 2029 | 750 | | Thereafter | 8,227 | | Total undiscounted lease payments | 18,374 | | Interest | (4,607) | | Discount | (924) | | Total lease liabilities | $ | 12,843 | |
|
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v3.23.2
Financing Arrangements (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of Debt |
The following table provides certain information about the current financing arrangements of the Company and its subsidiaries as of June 30, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In Thousands) | June 30, 2023 | | March 31, 2023 | | Maturity Date | | Interest Rate | | Unused commitments at June 30, 2023 | Air T Debt | | | | | | | | | | Revolver - MBT | $ | 13,366 | | | $ | 8,742 | | | 8/31/2024 | | SOFR + range of 2.25% - 3.25% | | $ | 5,634 | | Term Note A - MBT | 7,563 | | | 7,762 | | | 8/31/2031 | | 3.42% | | | Term Note B - MBT | 2,670 | | | 2,740 | | | 8/31/2031 | | 3.42% | | | Term Note D - MBT | 1,321 | | | 1,338 | | | 1/1/2028 | | 1-month LIBOR + 2.00% | | | Term Note E - MBT | 235 | | | 800 | | | 6/25/2025 | | Greater of LIBOR + 1.50% or 2.50% | | | Term Note F - MBT | 933 | | | 983 | | | 1/31/2028 | | Greater of 6.00% or Prime + 1.00% | | | Debt - Trust Preferred Securities | 25,602 | | | 25,598 | | | 6/7/2049 | | 8.00% | | | Total | 51,690 | | | 47,963 | | | | | | | | | | | | | | | | | | AirCo 1 Debt | | | | | | | | | | Term Loan - PSB | 6,393 | | | 6,393 | | | 12/11/2025 | | 3-month SOFR + 3.26% | | | Total | 6,393 | | | 6,393 | | | | | | | | | | | | | | | | | | Jet Yard Debt | | | | | | | | | | Term Loan - MBT | 1,819 | | | 1,844 | | | 8/31/2031 | | 4.14% | | | Total | 1,819 | | | 1,844 | | | | | | | | | | | | | | | | | | Contrail Debt | | | | | | | | | | Revolver - ONB | 5,183 | | | 12,441 | | | 9/5/2023 | | 1-month SOFR + 3.56% | | $ | 19,817 | | Term Loan G - ONB | 38,180 | | | 38,180 | | | 11/24/2025 | | 1-month SOFR + 3.11% | | | Total | 43,363 | | | 50,621 | | | | | | | | | | | | | | | | | | Delphax Solutions Debt | | | | | | | | | | Canadian Emergency Business Account Loan | 30 | | | 30 | | | 12/31/2025 | | 5.00% | | | Total | 30 | | | 30 | | | | | | | | | | | | | | | | | | Wolfe Lake Debt | | | | | | | | | | Term Loan - Bridgewater | 9,523 | | | 9,586 | | | 12/2/2031 | | 3.65% | | | Total | 9,523 | | | 9,586 | | | | | | | | | | | | | | | | | | Air T Acquisition 22.1 | | | | | | | | | | Term Loan - Bridgewater | 4,500 | | | 4,500 | | | 2/8/2027 | | 4.00% | | | Term Loan A - ING | 2,445 | | | 2,610 | | | 2/1/2027 | | 3.50% | | | Term Loan B - ING | 1,087 | | | 1,088 | | | 5/1/2027 | | 4.00% | | | Total | 8,032 | | | 8,198 | | | | | | | | | | | | | | | | | | WASI Debt | | | | | | | | | | Promissory Note - Seller's Note | 1,171 | | | 1,279 | | | 1/1/2026 | | 6.00% | | | Total | 1,171 | | | 1,279 | | | | | | | | | | | | | | | | | | Total Debt | 122,021 | | | 125,914 | | | | | | | | | | | | | | | | | | Unamortized Debt Issuance Costs | (763) | | | (829) | | | | | | | | Total Debt, net | $ | 121,258 | | | $ | 125,085 | | | | | | | |
|
Schedule of Maturities of Long-term Debt |
At June 30, 2023, our contractual financing obligations, including payments due by period, are as follows (in thousands): | | | | | | Due by | Amount | June 30, 2024 | $ | 22,721 | | June 30, 2025 | 24,499 | | June 30, 2026 | 26,160 | | June 30, 2027 | 6,476 | | June 30, 2028 | 2,877 | | Thereafter | 39,288 | | | 122,021 | | Unamortized Debt Issuance Costs | (763) | | | $ | 121,258 | |
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v3.23.2
Geographical Information (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
Long-lived Assets by Geographic Areas |
Total tangible long-lived assets, net of accumulated depreciation, located in the United States, the Company's country of domicile, and held outside the United States are summarized in the following table as of June 30, 2023 and March 31, 2023 (in thousands): | | | | | | | | | | | | | June 30, 2023 | | March 31, 2023 | United States | $ | 21,454 | | | $ | 21,433 | | Foreign | 50 | | | 89 | | Total tangible long-lived assets, net | $ | 21,504 | | | $ | 21,522 | |
The net book value located within each individual country at June 30, 2023 and March 31, 2023 is listed below (in thousands): | | | | | | | | | | | | | June 30, 2023 | | March 31, 2023 | The Netherlands | $ | 42 | | | $ | 42 | | Other | 8 | | | 47 | | Total tangible long-lived assets, net | $ | 50 | | | $ | 89 | |
|
Revenue from External Customers by Geographic Areas |
Total revenue, in and outside the United States, is summarized in the following table for the three months ended June 30, 2023 and June 30, 2022 (in thousands): | | | | | | | | | | | | | June 30, 2023 | | June 30, 2022 | United States | $ | 61,722 | | | $ | 41,952 | | Foreign | 9,709 | | | 8,910 | | Total revenue | $ | 71,431 | | | $ | 50,862 | |
|
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v3.23.2
Segment Information (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
Schedule of Segment Reporting Information, by Segment |
Segment data is summarized as follows (in thousands): | | | | | | | | | | | | (In Thousands) | Three Months Ended June 30, | | 2023 | | 2022 | Operating Revenues by Segment: | | | | Overnight Air Cargo: | | | | Domestic | $ | 27,137 | | | $ | 20,564 | | International | 591 | | | — | | Total Overnight Air Cargo | 27,728 | | | 20,564 | | Ground Equipment Sales: | | | | Domestic | 11,698 | | | 3,907 | | International | 89 | | | 1,908 | | Total Ground Equipment Sales | 11,787 | | | 5,815 | | Commercial Jet Engines and Parts: | | | | Domestic | 21,968 | | | 16,732 | | International | 7,878 | | | 6,123 | | Total Commercial Jet Engines and Parts | 29,846 | | | 22,855 | | Corporate and Other: | | | | Domestic | 919 | | | 749 | | International | 1,151 | | | 879 | | Total Corporate and Other | 2,070 | | | 1,628 | | Total | 71,431 | | | 50,862 | | | | | | Operating Income (Loss): | | | | Overnight Air Cargo | 1,935 | | | 1,077 | | Ground Equipment Sales | (85) | | | 142 | | Commercial Jet Engines and Parts | 1,478 | | | 3,074 | | Corporate and Other | (2,670) | | | (3,459) | | Total | 658 | | | 834 | | | | | | Capital Expenditures: | | | | Overnight Air Cargo | 158 | | | 99 | | Ground Equipment Sales | 33 | | | 9 | | Commercial Jet Engines and Parts | 120 | | | 74 | | Corporate and Other | 93 | | | 189 | | Total | 404 | | | 371 | | | | | | Depreciation and Amortization: | | | | Overnight Air Cargo | 85 | | | 20 | | Ground Equipment Sales | 34 | | | 49 | | Commercial Jet Engines and Parts | 190 | | | 434 | | Corporate and Other | 381 | | | 358 | | Total | $ | 690 | | | $ | 861 | |
|
Schedule of EBITDA |
The table below provides a reconciliation of operating income (loss) to Adjusted EBITDA by reportable segment for the three months ended June 30, 2023 and 2022 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2023 | | | | Overnight Air Cargo | | Ground Equipment Sales | | Commercial Jet Engines and Parts | | Corporate and Other | | Total | Operating income (loss) | $ | 1,935 | | | $ | (85) | | | $ | 1,478 | | | $ | (2,670) | | | $ | 658 | | Depreciation and amortization (excluding leased engines depreciation) | 85 | | | 34 | | | 190 | | | 381 | | | 690 | | | | | | | | | | | | Gain on sale of property and equipment | (6) | | | — | | | — | | | — | | | (6) | | Securities expenses | — | | | — | | | — | | | 45 | | 45 | | Adjusted EBITDA | $ | 2,014 | | | $ | (51) | | | $ | 1,668 | | | $ | (2,244) | | | $ | 1,387 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2022 | | | | Overnight Air Cargo | | Ground Equipment Sales | | Commercial Jet Engines and Parts | | Corporate and Other | | Total | Operating income (loss) | $ | 1,077 | | | $ | 142 | | | $ | 3,074 | | | $ | (3,459) | | | $ | 834 | | Depreciation and amortization (excluding leased engines depreciation) | 19 | | | 49 | | | 179 | | | 358 | | | 605 | | | | | | | | | | | | Gain on sale of property and equipment | — | | | — | | | (2) | | | — | | | (2) | | Securities expenses | — | | | — | | | — | | | 15 | | | 15 | | Adjusted EBITDA | $ | 1,096 | | | $ | 191 | | | $ | 3,251 | | | $ | (3,086) | | | $ | 1,452 | |
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v3.23.2
Commitment and Contingencies (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Redeemable Noncontrolling Interest |
The Shanwick RNCI's estimated redemption value is $4.9 million as of June 30, 2023, which was comprised of the following (in thousands): | | | | | | | | | | | Shanwick RNCI | Beginning Balance as of April 1, 2023 | | $ | 4,738 | | Contribution from non-controlling members | | — | | Distribution to non-controlling members | | (166) | | Net income attributable to non-controlling interests | | 86 | | Redemption value adjustments | | 199 | | Ending Balance as of June 30, 2023 | | $ | 4,857 | |
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v3.23.2
Acquisitions - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Thousands |
|
|
1 Months Ended |
|
|
Jan. 31, 2023 |
Feb. 10, 2022 |
Jan. 31, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Business Acquisition |
|
|
|
|
|
Goodwill |
|
|
|
$ 10,560
|
$ 10,563
|
GdW |
|
|
|
|
|
Business Acquisition |
|
|
|
|
|
Consideration paid |
|
$ 15,256
|
|
|
|
Less: Cash acquired |
|
(2,452)
|
|
|
|
Less: Net assets acquired |
|
(6,520)
|
|
|
|
Goodwill |
|
$ 6,284
|
|
|
|
WASI Debt |
|
|
|
|
|
Business Acquisition |
|
|
|
|
|
Consideration paid |
$ 1,628
|
|
|
|
|
Seller's Note |
1,370
|
|
|
|
|
Total consideration |
2,998
|
|
|
|
|
Less: Cash acquired |
|
|
$ (500)
|
|
|
Less: Net assets acquired |
(2,422)
|
|
(2,422)
|
|
|
Goodwill |
$ 76
|
|
$ 76
|
|
|
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v3.23.2
Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
|
1 Months Ended |
|
|
Feb. 10, 2022 |
Jan. 31, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
LIABILITIES |
|
|
|
|
Goodwill |
|
|
$ 10,560
|
$ 10,563
|
GdW |
|
|
|
|
ASSETS |
|
|
|
|
Accounts Receivable |
$ 715
|
|
|
|
Other current assets |
67
|
|
|
|
Property, plant and equipment, net |
40
|
|
|
|
Total assets |
10,665
|
|
|
|
LIABILITIES |
|
|
|
|
Accounts payable |
15
|
|
|
|
Accrued expenses and deferred revenue |
1,670
|
|
|
|
Deferred income tax liabilities, net |
2,460
|
|
|
|
Total liabilities |
4,145
|
|
|
|
Net assets acquired |
6,520
|
|
|
|
Less: Cash acquired |
(2,452)
|
|
|
|
Goodwill |
6,284
|
|
|
|
GdW | Proprietary Database |
|
|
|
|
ASSETS |
|
|
|
|
Intangible assets |
2,576
|
|
|
|
GdW | Customer relationships |
|
|
|
|
ASSETS |
|
|
|
|
Intangible assets |
$ 7,267
|
|
|
|
WASI Debt |
|
|
|
|
ASSETS |
|
|
|
|
Accounts Receivable |
|
$ 1,037
|
|
|
Inventory |
|
517
|
|
|
Other current assets |
|
97
|
|
|
Property, plant and equipment, net |
|
403
|
|
|
Other assets |
|
20
|
|
|
Total assets |
|
3,118
|
|
|
LIABILITIES |
|
|
|
|
Accounts payable |
|
61
|
|
|
Accrued expenses and deferred revenue |
|
635
|
|
|
Total liabilities |
|
696
|
|
|
Net assets acquired |
|
2,422
|
|
|
Consideration paid |
|
2,998
|
|
|
Less: Cash acquired |
|
(500)
|
|
|
Less: Net assets acquired |
|
(2,422)
|
|
|
Goodwill |
|
76
|
|
|
WASI Debt | Trade Name |
|
|
|
|
ASSETS |
|
|
|
|
Intangible assets |
|
342
|
|
|
WASI Debt | Noncompete Agreement |
|
|
|
|
ASSETS |
|
|
|
|
Intangible assets |
|
19
|
|
|
WASI Debt | Customer relationships |
|
|
|
|
ASSETS |
|
|
|
|
Intangible assets |
|
$ 683
|
|
|
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v3.23.2
Acquisitions - Schedule of Revenues and Expenses (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Sep. 30, 2022 |
Mar. 31, 2023 |
Business Acquisition |
|
|
|
|
Revenue |
$ 71,431
|
$ 50,862
|
|
|
Operating Expenses |
70,773
|
50,028
|
|
|
Operating Income |
658
|
834
|
|
|
Non-operating income |
(474)
|
(1,444)
|
|
|
Net Loss Attributable to Air T, Inc. Stockholders |
$ (531)
|
$ (1,433)
|
|
|
GdW |
|
|
|
|
Business Acquisition |
|
|
|
|
Revenue |
|
|
$ 887
|
|
Cost of Sales |
|
|
145
|
|
Operating Expenses |
|
|
701
|
|
Operating Income |
|
|
41
|
|
Non-operating income |
|
|
19
|
|
Net Loss Attributable to Air T, Inc. Stockholders |
|
|
$ 60
|
|
WASI Debt |
|
|
|
|
Business Acquisition |
|
|
|
|
Revenue |
|
|
|
$ 929
|
Cost of Sales |
|
|
|
676
|
Operating Expenses |
|
|
|
425
|
Operating Income |
|
|
|
(172)
|
Non-operating income |
|
|
|
(22)
|
Net Loss Attributable to Air T, Inc. Stockholders |
|
|
|
$ (194)
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v3.23.2
Revenue Recognition - Disaggregation of Revenues (Details) - USD ($) $ in Thousands |
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Disaggregation of Revenue |
|
|
Total revenue |
$ 71,431
|
$ 50,862
|
Air Cargo |
|
|
Disaggregation of Revenue |
|
|
Total revenue |
27,728
|
20,564
|
Ground equipment sales |
|
|
Disaggregation of Revenue |
|
|
Total revenue |
11,787
|
5,815
|
Commercial jet engines and parts |
|
|
Disaggregation of Revenue |
|
|
Total revenue |
29,846
|
22,855
|
Corporate and other |
|
|
Disaggregation of Revenue |
|
|
Total revenue |
2,070
|
1,628
|
Product Sales | Air Cargo |
|
|
Disaggregation of Revenue |
|
|
Revenue from customer contracts |
9,171
|
6,354
|
Product Sales | Ground equipment sales |
|
|
Disaggregation of Revenue |
|
|
Revenue from customer contracts |
11,575
|
5,577
|
Product Sales | Commercial jet engines and parts |
|
|
Disaggregation of Revenue |
|
|
Revenue from customer contracts |
26,759
|
20,310
|
Product Sales | Corporate and other |
|
|
Disaggregation of Revenue |
|
|
Revenue from customer contracts |
335
|
116
|
Support Services | Air Cargo |
|
|
Disaggregation of Revenue |
|
|
Revenue from customer contracts |
18,550
|
14,060
|
Support Services | Ground equipment sales |
|
|
Disaggregation of Revenue |
|
|
Revenue from customer contracts |
93
|
140
|
Support Services | Commercial jet engines and parts |
|
|
Disaggregation of Revenue |
|
|
Revenue from customer contracts |
2,946
|
1,975
|
Support Services | Corporate and other |
|
|
Disaggregation of Revenue |
|
|
Revenue from customer contracts |
1,255
|
1,024
|
Leasing Revenue | Air Cargo |
|
|
Disaggregation of Revenue |
|
|
Revenue not from customer contracts |
0
|
0
|
Leasing Revenue | Ground equipment sales |
|
|
Disaggregation of Revenue |
|
|
Revenue not from customer contracts |
25
|
43
|
Leasing Revenue | Commercial jet engines and parts |
|
|
Disaggregation of Revenue |
|
|
Revenue not from customer contracts |
12
|
541
|
Leasing Revenue | Corporate and other |
|
|
Disaggregation of Revenue |
|
|
Revenue not from customer contracts |
387
|
388
|
Other | Air Cargo |
|
|
Disaggregation of Revenue |
|
|
Revenue not from customer contracts |
7
|
150
|
Other | Ground equipment sales |
|
|
Disaggregation of Revenue |
|
|
Revenue not from customer contracts |
94
|
55
|
Other | Commercial jet engines and parts |
|
|
Disaggregation of Revenue |
|
|
Revenue not from customer contracts |
129
|
29
|
Other | Corporate and other |
|
|
Disaggregation of Revenue |
|
|
Revenue not from customer contracts |
$ 93
|
$ 100
|
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Accrued Expenses and Other (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Mar. 31, 2023 |
Payables and Accruals [Abstract] |
|
|
Salaries, wages and related items |
$ 6,351
|
$ 4,748
|
Profit sharing and bonus |
768
|
1,672
|
Other deposits |
2,871
|
2,560
|
Other |
4,653
|
4,153
|
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$ 14,643
|
$ 13,133
|
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v3.23.2
Net Earnings (Loss) Per Share - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Earnings Per Share [Abstract] |
|
|
Net Loss |
$ (27)
|
$ (802)
|
Net income attributable to non-controlling interests |
(504)
|
(631)
|
Net Loss Attributable to Air T, Inc. Stockholders |
$ (531)
|
$ (1,433)
|
Loss per share: |
|
|
Basic (in dollars per share) |
$ (0.19)
|
$ (0.50)
|
Diluted (in dollars per share) |
$ (0.19)
|
$ (0.50)
|
Antidilutive shares excluded from computation of income (loss) (in shares) |
5
|
7
|
Weighted Average Shares Outstanding: |
|
|
Basic (in shares) |
2,818
|
2,866
|
Diluted (in shares) |
2,818
|
2,866
|
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v3.23.2
Intangible Assets and Goodwill - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Mar. 31, 2023 |
Finite-Lived Intangible Assets |
|
|
Gross Carrying Amount |
$ 16,270
|
$ 16,254
|
Accumulated Amortization |
(4,493)
|
(4,191)
|
Finite-lived intangible assets, net |
11,777
|
12,063
|
Indefinite-lived intangible assets, gross carrying amount |
57
|
40
|
Gross carrying value |
16,327
|
16,294
|
Intangible assets, total |
11,834
|
12,103
|
Purchased software |
|
|
Finite-Lived Intangible Assets |
|
|
Gross Carrying Amount |
551
|
544
|
Accumulated Amortization |
(447)
|
(433)
|
Finite-lived intangible assets, net |
104
|
111
|
Internally developed software |
|
|
Finite-Lived Intangible Assets |
|
|
Gross Carrying Amount |
3,670
|
3,672
|
Accumulated Amortization |
(548)
|
(465)
|
Finite-lived intangible assets, net |
3,122
|
3,207
|
In-place lease and other intangibles |
|
|
Finite-Lived Intangible Assets |
|
|
Gross Carrying Amount |
1,094
|
1,094
|
Accumulated Amortization |
(259)
|
(229)
|
Finite-lived intangible assets, net |
835
|
865
|
Customer relationships |
|
|
Finite-Lived Intangible Assets |
|
|
Gross Carrying Amount |
8,044
|
8,050
|
Accumulated Amortization |
(996)
|
(851)
|
Finite-lived intangible assets, net |
7,048
|
7,199
|
Patents |
|
|
Finite-Lived Intangible Assets |
|
|
Gross Carrying Amount |
1,112
|
1,112
|
Accumulated Amortization |
(1,106)
|
(1,105)
|
Finite-lived intangible assets, net |
6
|
7
|
Other |
|
|
Finite-Lived Intangible Assets |
|
|
Gross Carrying Amount |
1,799
|
1,782
|
Accumulated Amortization |
(1,137)
|
(1,108)
|
Finite-lived intangible assets, net |
$ 662
|
$ 674
|
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v3.23.2
Intangible Assets and Goodwill - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Mar. 31, 2023 |
Amortization |
|
|
2024 (excluding the three months ended June 30, 2023) |
$ 920
|
|
2025 |
1,166
|
|
2026 |
1,083
|
|
2027 |
1,024
|
|
2028 |
976
|
|
2029 |
969
|
|
Thereafter |
5,639
|
|
Finite-lived intangible assets, net |
$ 11,777
|
$ 12,063
|
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v3.23.2
Investments in Securities and Derivative Instruments - Narrative (Details) - USD ($)
|
|
2 Months Ended |
3 Months Ended |
|
|
|
Mar. 30, 2023 |
Feb. 24, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 31, 2023 |
Jan. 07, 2022 |
Aug. 31, 2021 |
Derivatives, Fair Value |
|
|
|
|
|
|
|
Long-term debt, gross |
|
|
$ 122,021,000
|
|
$ 125,914,000
|
|
|
Derivative loss |
|
$ 100,000
|
|
|
|
|
|
Repayments of long-term debt |
|
|
1,261,000
|
$ 836,000
|
|
|
|
Unrealized gain on interest rate swaps, net of tax |
|
|
24,000
|
475,000
|
|
|
|
Unsecured Debt | Contrail Aviation Inc. |
|
|
|
|
|
|
|
Derivatives, Fair Value |
|
|
|
|
|
|
|
Interest rate stated percentage (as a percentage) |
|
|
|
|
|
4.68%
|
|
Long-term debt, gross |
|
|
43,363,000
|
|
50,621,000
|
$ 43,600,000
|
|
Unsecured Debt | Parent Company |
|
|
|
|
|
|
|
Derivatives, Fair Value |
|
|
|
|
|
|
|
Long-term debt, gross |
|
|
51,690,000
|
|
47,963,000
|
|
|
Interest Rate Swap |
|
|
|
|
|
|
|
Derivatives, Fair Value |
|
|
|
|
|
|
|
Unrealized gain on interest rate swaps, net of tax |
|
|
24,000
|
$ 500,000
|
|
|
|
Interest Rate Swap | Level 2 |
|
|
|
|
|
|
|
Derivatives, Fair Value |
|
|
|
|
|
|
|
Derivative asset |
|
|
$ 2,800,000
|
|
2,400,000
|
|
|
Term Note A - MBT | Unsecured Debt | Parent Company |
|
|
|
|
|
|
|
Derivatives, Fair Value |
|
|
|
|
|
|
|
Interest rate stated percentage (as a percentage) |
|
|
3.42%
|
|
|
|
3.42%
|
Long-term debt, gross |
|
|
$ 7,563,000
|
|
7,762,000
|
|
|
Term Note A - MBT | Interest Rate Swap | Unsecured Debt |
|
|
|
|
|
|
|
Derivatives, Fair Value |
|
|
|
|
|
|
|
Interest rate stated percentage (as a percentage) |
|
|
4.56%
|
|
|
|
|
Term Note D - MBT | Unsecured Debt | Parent Company |
|
|
|
|
|
|
|
Derivatives, Fair Value |
|
|
|
|
|
|
|
Interest rate stated percentage (as a percentage) |
|
|
5.09%
|
|
|
|
|
Long-term debt, gross |
|
|
$ 1,321,000
|
|
$ 1,338,000
|
|
|
Term Note G | Unsecured Debt | Contrail Aviation Inc. |
|
|
|
|
|
|
|
Derivatives, Fair Value |
|
|
|
|
|
|
|
Repayments of long-term debt |
$ 6,700,000
|
|
|
|
|
|
|
X |
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v3.23.2
Equity Method Investments - Narrative (Details) - USD ($) shares in Millions |
3 Months Ended |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Schedule of Equity Method Investments |
|
|
|
Income (loss) from equity method investments |
$ 691,000
|
|
$ 532,000
|
Equity method investments |
$ 13,954,000
|
$ 13,230,000
|
|
Insignia |
|
|
|
Schedule of Equity Method Investments |
|
|
|
Number of shares held (in shares) |
0.5
|
|
|
Ownership percentage |
27.10%
|
|
|
Income (loss) from equity method investments |
|
$ 400,000
|
|
Equity method investments |
$ 2,100,000
|
|
|
Cadillac Castings, Inc |
|
|
|
Schedule of Equity Method Investments |
|
|
|
Ownership percentage |
20.10%
|
|
|
Income (loss) from equity method investments |
$ 700,000
|
|
|
Equity method investments |
3,500,000
|
|
|
Difference between carrying amount and underlying equity |
300,000
|
|
|
Investment realized gain (loss) on disposal |
$ (12,000)
|
|
|
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v3.23.2
Equity Method Investments - Summarized Unaudited Financial Information (Details) - USD ($) $ in Thousands |
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Schedule of Equity Method Investments |
|
|
Revenue |
$ 71,431
|
$ 50,862
|
Operating income |
658
|
834
|
Net Loss |
(27)
|
(802)
|
Net Loss Attributable to Air T, Inc. Stockholders |
(531)
|
(1,433)
|
Equity Method Investment, Nonconsolidated Investee or Group of Investees |
|
|
Schedule of Equity Method Investments |
|
|
Revenue |
51,157
|
35,602
|
Gross Profit |
7,803
|
4,375
|
Operating income |
5,261
|
1,981
|
Net Loss |
5,116
|
1,750
|
Net Loss Attributable to Air T, Inc. Stockholders |
$ 1,130
|
$ 308
|
X |
- DefinitionAggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.
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v3.23.2
Inventories (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Mar. 31, 2023 |
Commercial jet engines and parts: |
|
|
Whole engines available for sale or tear-down |
$ 9,459
|
$ 10,141
|
Parts |
45,330
|
50,813
|
Total inventories |
68,045
|
74,738
|
Reserves |
(3,639)
|
(3,613)
|
Total inventories, net of reserves |
64,406
|
71,125
|
Overnight air cargo: |
|
|
Ground equipment manufacturing: |
|
|
Finished goods |
746
|
546
|
Corporate and other: |
|
|
Finished goods |
746
|
546
|
Ground equipment manufacturing: |
|
|
Ground equipment manufacturing: |
|
|
Raw materials |
4,661
|
4,589
|
Work in process |
1,283
|
153
|
Finished goods |
5,032
|
6,976
|
Corporate and other: |
|
|
Raw materials |
4,661
|
4,589
|
Finished goods |
5,032
|
6,976
|
Corporate and other |
|
|
Ground equipment manufacturing: |
|
|
Raw materials |
809
|
794
|
Finished goods |
725
|
726
|
Corporate and other: |
|
|
Raw materials |
809
|
794
|
Finished goods |
$ 725
|
$ 726
|
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v3.23.2
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Mar. 31, 2023 |
Operating Leases |
|
|
2024 (excluding the three months ended June 30, 2023) |
$ 1,843
|
|
2025 |
2,297
|
|
2026 |
2,011
|
|
2027 |
1,859
|
|
2028 |
1,387
|
|
2029 |
750
|
|
Thereafter |
8,227
|
|
Total undiscounted lease payments |
18,374
|
|
Interest |
(4,607)
|
|
Discount |
(924)
|
|
Total lease liabilities |
$ 12,843
|
$ 12,435
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v3.23.2
Financing Arrangements - Narrative (Details) - Unsecured Debt - USD ($)
|
|
|
3 Months Ended |
|
Jun. 23, 2023 |
May 26, 2023 |
Jun. 30, 2023 |
Dec. 01, 2023 |
Term Loan G - ONB | Contrail Debt |
|
|
|
|
Debt Instrument |
|
|
|
|
Principle amount |
|
$ 38,200,000
|
|
|
Term Loan G - ONB | Contrail Debt | 1 Month SOFR |
|
|
|
|
Debt Instrument |
|
|
|
|
Basis spread on variable rate (as a percentage) |
|
3.11%
|
3.11%
|
|
Revolver - ONB | Contrail Debt |
|
|
|
|
Debt Instrument |
|
|
|
|
Principle amount |
|
$ 25,000,000
|
|
|
Revolver - ONB | Contrail Debt | 1 Month SOFR |
|
|
|
|
Debt Instrument |
|
|
|
|
Basis spread on variable rate (as a percentage) |
|
3.56%
|
3.56%
|
|
Term Loan - PSB | AirCo 1 Debt |
|
|
|
|
Debt Instrument |
|
|
|
|
Principle amount |
|
$ 6,400,000
|
|
|
Term Loan - PSB | AirCo 1 Debt | 3 Month SOFR |
|
|
|
|
Debt Instrument |
|
|
|
|
Basis spread on variable rate (as a percentage) |
|
3.26%
|
3.26%
|
|
Revolver - MBT |
|
|
|
|
Debt Instrument |
|
|
|
|
Line of credit facility, maximum seasonal increase amount |
$ 2,000,000
|
|
|
|
Credit facility maximum borrowing capacity |
19,000,000
|
|
|
|
Revolver - MBT | Other Investments |
|
|
|
|
Debt Instrument |
|
|
|
|
Debt instrument, covenant investment in other investments |
$ 5,000,000
|
|
|
|
Revolver - MBT | Minimum |
|
|
|
|
Debt Instrument |
|
|
|
|
Commitment fee (as a percentage) |
0.11%
|
|
|
|
Revolver - MBT | Maximum |
|
|
|
|
Debt Instrument |
|
|
|
|
Commitment fee (as a percentage) |
0.15%
|
|
|
|
Revolver - MBT | Forecast |
|
|
|
|
Debt Instrument |
|
|
|
|
Credit facility maximum borrowing capacity |
|
|
|
$ 17,000,000
|
Revolver - MBT | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum |
|
|
|
|
Debt Instrument |
|
|
|
|
Basis spread on variable rate (as a percentage) |
2.25%
|
|
|
|
Revolver - MBT | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum |
|
|
|
|
Debt Instrument |
|
|
|
|
Basis spread on variable rate (as a percentage) |
3.25%
|
|
|
|
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v3.23.2
Financing Arrangements - Long-term Debt (Details) - USD ($) $ in Thousands |
|
|
3 Months Ended |
|
|
|
Jun. 23, 2023 |
May 26, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jan. 07, 2022 |
Aug. 31, 2021 |
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
$ 122,021
|
$ 125,914
|
|
|
Unamortized Debt Issuance Costs |
|
|
(763)
|
(829)
|
|
|
Total Debt, net |
|
|
121,258
|
125,085
|
|
|
Unsecured Debt | AirCo 1 Debt |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
6,393
|
6,393
|
|
|
Unsecured Debt | Jet Yard Debt |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
1,819
|
1,844
|
|
|
Unsecured Debt | Contrail Debt |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
43,363
|
50,621
|
$ 43,600
|
|
Interest rate stated percentage (as a percentage) |
|
|
|
|
4.68%
|
|
Unsecured Debt | Revolver - MBT | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Basis spread on variable rate (as a percentage) |
2.25%
|
|
|
|
|
|
Unsecured Debt | Revolver - MBT | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Basis spread on variable rate (as a percentage) |
3.25%
|
|
|
|
|
|
Unsecured Debt | Term Loan - PSB | AirCo 1 Debt |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
$ 6,393
|
6,393
|
|
|
Unsecured Debt | Term Loan - PSB | AirCo 1 Debt | 3 Month SOFR |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Basis spread on variable rate (as a percentage) |
|
3.26%
|
3.26%
|
|
|
|
Unsecured Debt | Term Loan - MBT | Jet Yard Debt |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
$ 1,819
|
1,844
|
|
|
Interest rate stated percentage (as a percentage) |
|
|
4.14%
|
|
|
|
Unsecured Debt | Revolver - ONB | Contrail Debt |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
$ 5,183
|
12,441
|
|
|
Unused commitment fees |
|
|
$ 19,817
|
|
|
|
Unsecured Debt | Revolver - ONB | Contrail Debt | 1 Month SOFR |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Basis spread on variable rate (as a percentage) |
|
3.56%
|
3.56%
|
|
|
|
Unsecured Debt | Term Loan G - ONB | Contrail Debt |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
$ 38,180
|
38,180
|
|
|
Unsecured Debt | Term Loan G - ONB | Contrail Debt | 1 Month SOFR |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Basis spread on variable rate (as a percentage) |
|
3.11%
|
3.11%
|
|
|
|
Unsecured Debt | Parent Company |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
$ 51,690
|
47,963
|
|
|
Unsecured Debt | Parent Company | Revolver - MBT |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
13,366
|
8,742
|
|
|
Unused commitment fees |
|
|
$ 5,634
|
|
|
|
Unsecured Debt | Parent Company | Revolver - MBT | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Basis spread on variable rate (as a percentage) |
|
|
2.25%
|
|
|
|
Unsecured Debt | Parent Company | Revolver - MBT | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Basis spread on variable rate (as a percentage) |
|
|
3.25%
|
|
|
|
Unsecured Debt | Parent Company | Term Note A - MBT |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
$ 7,563
|
7,762
|
|
|
Interest rate stated percentage (as a percentage) |
|
|
3.42%
|
|
|
3.42%
|
Unsecured Debt | Parent Company | Term Note B - MBT |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
$ 2,670
|
2,740
|
|
|
Interest rate stated percentage (as a percentage) |
|
|
3.42%
|
|
|
|
Unsecured Debt | Parent Company | Term Note D - MBT |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
$ 1,321
|
1,338
|
|
|
Interest rate stated percentage (as a percentage) |
|
|
5.09%
|
|
|
|
Unsecured Debt | Parent Company | Term Note D - MBT | 1-month LIBOR |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Basis spread on variable rate (as a percentage) |
|
|
2.00%
|
|
|
|
Unsecured Debt | Parent Company | Term Note E - MBT |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
$ 235
|
800
|
|
|
Interest rate stated percentage (as a percentage) |
|
|
2.50%
|
|
|
|
Unsecured Debt | Parent Company | Term Note E - MBT | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Basis spread on variable rate (as a percentage) |
|
|
1.50%
|
|
|
|
Unsecured Debt | Parent Company | Term Note F - MBT |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
$ 933
|
983
|
|
|
Unsecured Debt | Parent Company | Term Note F - MBT | Prime Rate |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Basis spread on variable rate (as a percentage) |
|
|
6.00%
|
|
|
|
Interest rate stated percentage (as a percentage) |
|
|
1.00%
|
|
|
|
Unsecured Debt | Parent Company | Debt - Trust Preferred Securities |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
$ 25,602
|
25,598
|
|
|
Interest rate stated percentage (as a percentage) |
|
|
8.00%
|
|
|
|
Notes Payable to Banks | Delphax Solutions Debt |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
$ 30
|
30
|
|
|
Notes Payable to Banks | Wolfe Lake Debt |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
9,523
|
9,586
|
|
|
Notes Payable to Banks | Air T Acquisition 22.1 |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
8,032
|
8,198
|
|
|
Notes Payable to Banks | WASI Debt |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
1,171
|
1,279
|
|
|
Notes Payable to Banks | Canadian Emergency Business Account Loan | Delphax Solutions Debt |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
$ 30
|
30
|
|
|
Interest rate stated percentage (as a percentage) |
|
|
5.00%
|
|
|
|
Notes Payable to Banks | Term Loan - Bridgewater | Wolfe Lake Debt |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
$ 9,523
|
9,586
|
|
|
Interest rate stated percentage (as a percentage) |
|
|
3.65%
|
|
|
|
Notes Payable to Banks | Term Loan - Bridgewater | Air T Acquisition 22.1 |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
$ 4,500
|
4,500
|
|
|
Interest rate stated percentage (as a percentage) |
|
|
4.00%
|
|
|
|
Notes Payable to Banks | Term Loan A - ING | Air T Acquisition 22.1 |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
$ 2,445
|
2,610
|
|
|
Interest rate stated percentage (as a percentage) |
|
|
3.50%
|
|
|
|
Notes Payable to Banks | Term Loan B - ING | Air T Acquisition 22.1 |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
$ 1,087
|
1,088
|
|
|
Interest rate stated percentage (as a percentage) |
|
|
4.00%
|
|
|
|
Notes Payable to Banks | Promissory Note - Seller's Note | WASI Debt |
|
|
|
|
|
|
Debt Instrument |
|
|
|
|
|
|
Long-term debt, gross |
|
|
$ 1,171
|
$ 1,279
|
|
|
Interest rate stated percentage (as a percentage) |
|
|
6.00%
|
|
|
|
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v3.23.2
Financing Arrangements - Contractual Financing Obligations (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Mar. 31, 2023 |
Due by |
|
|
June 30, 2024 |
$ 22,721
|
|
June 30, 2025 |
24,499
|
|
June 30, 2026 |
26,160
|
|
June 30, 2027 |
6,476
|
|
June 30, 2028 |
2,877
|
|
Thereafter |
39,288
|
|
Long-term debt, gross |
122,021
|
$ 125,914
|
Unamortized Debt Issuance Costs |
(763)
|
(829)
|
Total Debt, net |
$ 121,258
|
$ 125,085
|
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v3.23.2
Shares Repurchased (Details) - USD ($)
|
3 Months Ended |
|
|
Jun. 30, 2023 |
Jun. 10, 2019 |
May 14, 2014 |
Equity [Abstract] |
|
|
|
Stock repurchase program, number of shares authorized to be repurchased (in shares) |
|
1,125,000
|
750,000
|
Stock repurchased during period, shares (in shares) |
620
|
|
|
Stock repurchased during period, value |
$ 15,000
|
|
|
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v3.23.2
Geographical Information - Long-lived Assets By Geographic Region (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Mar. 31, 2023 |
Revenues from External Customers and Long-Lived Assets |
|
|
Total tangible long-lived assets, net |
$ 21,504
|
$ 21,522
|
United States |
|
|
Revenues from External Customers and Long-Lived Assets |
|
|
Total tangible long-lived assets, net |
21,454
|
21,433
|
Foreign |
|
|
Revenues from External Customers and Long-Lived Assets |
|
|
Total tangible long-lived assets, net |
50
|
89
|
The Netherlands |
|
|
Revenues from External Customers and Long-Lived Assets |
|
|
Total tangible long-lived assets, net |
42
|
42
|
Other |
|
|
Revenues from External Customers and Long-Lived Assets |
|
|
Total tangible long-lived assets, net |
$ 8
|
$ 47
|
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v3.23.2
Geographical Information - Revenue by Geographic Areas (Details) - USD ($) $ in Thousands |
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Revenue, Major Customer |
|
|
Total revenue |
$ 71,431
|
$ 50,862
|
United States |
|
|
Revenue, Major Customer |
|
|
Total revenue |
61,722
|
41,952
|
Foreign |
|
|
Revenue, Major Customer |
|
|
Total revenue |
$ 9,709
|
$ 8,910
|
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Segment Information - Segment Data (Details) - USD ($) $ in Thousands |
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Segment Reporting Information |
|
|
Revenue |
$ 71,431
|
$ 50,862
|
Operating income (loss) |
658
|
834
|
Capital expenditures |
404
|
371
|
Depreciation and amortization |
690
|
861
|
Air Cargo |
|
|
Segment Reporting Information |
|
|
Revenue |
27,728
|
20,564
|
Operating income (loss) |
1,935
|
1,077
|
Capital expenditures |
158
|
99
|
Depreciation and amortization |
85
|
20
|
Air Cargo | Domestic |
|
|
Segment Reporting Information |
|
|
Revenue |
27,137
|
20,564
|
Air Cargo | International |
|
|
Segment Reporting Information |
|
|
Revenue |
591
|
0
|
Ground equipment sales |
|
|
Segment Reporting Information |
|
|
Revenue |
11,787
|
5,815
|
Operating income (loss) |
(85)
|
142
|
Capital expenditures |
33
|
9
|
Depreciation and amortization |
34
|
49
|
Ground equipment sales | Domestic |
|
|
Segment Reporting Information |
|
|
Revenue |
11,698
|
3,907
|
Ground equipment sales | International |
|
|
Segment Reporting Information |
|
|
Revenue |
89
|
1,908
|
Commercial jet engines and parts |
|
|
Segment Reporting Information |
|
|
Revenue |
29,846
|
22,855
|
Operating income (loss) |
1,478
|
3,074
|
Capital expenditures |
120
|
74
|
Depreciation and amortization |
190
|
434
|
Commercial jet engines and parts | Domestic |
|
|
Segment Reporting Information |
|
|
Revenue |
21,968
|
16,732
|
Commercial jet engines and parts | International |
|
|
Segment Reporting Information |
|
|
Revenue |
7,878
|
6,123
|
Corporate and other |
|
|
Segment Reporting Information |
|
|
Revenue |
2,070
|
1,628
|
Operating income (loss) |
(2,670)
|
(3,459)
|
Capital expenditures |
93
|
189
|
Depreciation and amortization |
381
|
358
|
Corporate and other | Domestic |
|
|
Segment Reporting Information |
|
|
Revenue |
919
|
749
|
Corporate and other | International |
|
|
Segment Reporting Information |
|
|
Revenue |
$ 1,151
|
$ 879
|
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Segment Information- Schedule of EBITDA (Details) - USD ($) $ in Thousands |
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Segment Reporting Information |
|
|
Operating Income |
$ 658
|
$ 834
|
Depreciation and amortization (excluding leased engines depreciation) |
690
|
605
|
Gain on sale of property and equipment |
(6)
|
(2)
|
Securities expenses |
45
|
15
|
Adjusted EBITDA |
1,387
|
1,452
|
Overnight air cargo |
|
|
Segment Reporting Information |
|
|
Operating Income |
1,935
|
1,077
|
Depreciation and amortization (excluding leased engines depreciation) |
85
|
19
|
Gain on sale of property and equipment |
(6)
|
0
|
Securities expenses |
0
|
0
|
Adjusted EBITDA |
2,014
|
1,096
|
Ground equipment sales |
|
|
Segment Reporting Information |
|
|
Operating Income |
(85)
|
142
|
Depreciation and amortization (excluding leased engines depreciation) |
34
|
49
|
Gain on sale of property and equipment |
0
|
0
|
Securities expenses |
0
|
0
|
Adjusted EBITDA |
(51)
|
191
|
Commercial jet engines and parts |
|
|
Segment Reporting Information |
|
|
Operating Income |
1,478
|
3,074
|
Depreciation and amortization (excluding leased engines depreciation) |
190
|
179
|
Gain on sale of property and equipment |
0
|
(2)
|
Securities expenses |
0
|
0
|
Adjusted EBITDA |
1,668
|
3,251
|
Corporate and other |
|
|
Segment Reporting Information |
|
|
Operating Income |
(2,670)
|
(3,459)
|
Depreciation and amortization (excluding leased engines depreciation) |
381
|
358
|
Gain on sale of property and equipment |
0
|
0
|
Securities expenses |
45
|
15
|
Adjusted EBITDA |
$ (2,244)
|
$ (3,086)
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v3.23.2
Commitments and Contingencies - Narrative (Details)
|
|
3 Months Ended |
12 Months Ended |
|
|
May 05, 2021
USD ($)
interest
|
Jun. 30, 2023
USD ($)
installment
anniversary
shares
|
Mar. 31, 2023
USD ($)
|
Feb. 28, 2022 |
Dec. 29, 2020
shares
|
Long-termCommitment |
|
|
|
|
|
Increase in redemption value |
|
$ 7,000
|
|
|
|
Adjustment to fair value of redeemable non-controlling interests |
|
(100,000)
|
|
|
|
Net loss attributable to and and distributions non-controlling interest |
|
200,000
|
|
|
|
Distributions to non controlling interest |
|
100,000
|
|
|
|
Number of classes of equity interests | interest |
2
|
|
|
|
|
Equity method investments |
|
13,954,000
|
$ 13,230,000
|
|
|
Put option issued to co-investor in CAM |
|
$ 1,000,000
|
|
|
|
Number of anniversary has fixed price put option | anniversary |
|
3
|
|
|
|
Number of years after execution of agreement (in years) |
|
5 years
|
|
|
|
Number of installments after exercise | installment |
|
3
|
|
|
|
Redeemable non-controlling interest |
|
$ 12,837,000
|
12,710,000
|
|
|
Share compensation expense |
|
$ 79,000
|
|
|
|
2020 Omnibus Stock and Incentive Plan |
|
|
|
|
|
Long-termCommitment |
|
|
|
|
|
Shares authorized under the plan (in shares) | shares |
|
|
|
|
420,000
|
Number of shares granted ( in shares) | shares |
|
260,670
|
|
|
|
CAM |
|
|
|
|
|
Long-termCommitment |
|
|
|
|
|
Ownership percentage (as a percentage) |
90.00%
|
|
|
|
|
Minority interest, ownership (percent) |
10.00%
|
|
|
|
|
Noncontrolling interest, increase from subsidiary equity issuance |
$ 1,000,000
|
|
|
|
|
Offshore Series |
|
|
|
|
|
Long-termCommitment |
|
|
|
|
|
Payments for capital commitments |
|
|
1,000,000
|
|
|
Onshore Series |
|
|
|
|
|
Long-termCommitment |
|
|
|
|
|
Payments for capital commitments |
|
|
$ 6,900,000
|
|
|
CJVII | Capital Commitments |
|
|
|
|
|
Long-termCommitment |
|
|
|
|
|
Other commitments |
|
$ 7,000,000
|
|
|
|
Other commitment, premium rate above fair market value |
|
112.50%
|
|
|
|
CAM |
|
|
|
|
|
Long-termCommitment |
|
|
|
|
|
Equity method investments |
|
$ 5,300,000
|
|
|
|
CAM | CJVII | Capital Commitments |
|
|
|
|
|
Long-termCommitment |
|
|
|
|
|
Other commitments |
|
51,000,000
|
|
|
|
MRC | CJVII | Capital Commitments |
|
|
|
|
|
Long-termCommitment |
|
|
|
|
|
Other commitments |
|
44,000,000
|
|
|
|
Third Party | Shanwick |
|
|
|
|
|
Long-termCommitment |
|
|
|
|
|
Minority interest, ownership (percent) |
|
|
|
30.00%
|
|
Option potential exercise multiple |
|
|
|
7.5
|
|
Fair Value, Inputs, Level 3 | Contrail RNCI |
|
|
|
|
|
Long-termCommitment |
|
|
|
|
|
Fair value of redeemable non-controlling interest |
|
$ 8,000,000
|
|
|
|
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