Quarterly report pursuant to Section 13 or 15(d)

Business Segments

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Business Segments
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Business Segments Business Segments
The sale of our Federal and Defense segment allows us to focus on a long-term strategic growth strategy focused on higher margin and higher growth aftermarket parts distribution and MRO businesses. Following the sale of our Federal and Defense segment, management of our business operations is conducted under two reportable operating segments:

Aviation
Our Aviation segment provides aftermarket MRO and distribution services to commercial, business and general aviation, cargo, military and defense, and rotorcraft customers globally. Core services include parts distribution, MRO services including engine components and accessories, fuel controls, avionics, pneumatics, hydraulics, wheel and brake, and rotable exchange and supply chain services.

Fleet
Our Fleet segment provides parts, inventory management, e-commerce fulfillment, logistics, supply chain support and other services to support the commercial aftermarket medium- and heavy-duty truck market, and the United States Postal Service ("USPS"). Core services include vehicle parts distribution, sourcing, IT solutions, customized fleet logistics, warehousing, kitting, just-in-time supply chain management, alternative product sourcing, and engineering and technical support.

We evaluate segment performance based on consolidated revenues and operating income. Net sales of our business segments exclude inter-segment sales as these activities are eliminated in consolidation. Corporate expenses are primarily selling, general and administrative expenses not allocated to segments. Our segment information is as follows (in thousands):
  Three months ended June 30, Six months ended June 30,
2024 2023 2024 2023
Revenues:
Aviation $ 192,828  $ 124,729  $ 355,211  $ 237,964 
Fleet 73,131  80,494  152,287  155,846 
Total revenues $ 265,959  $ 205,223  $ 507,498  $ 393,810 
Operating income:        
Aviation $ 24,468  $ 15,783  $ 46,778  $ 31,447 
Fleet 2,211  7,854  8,828  13,753 
Corporate/unallocated expenses(a)
(20,547) (3,000) (25,300) (7,785)
Operating income $ 6,132  $ 20,637  $ 30,306  $ 37,415 
(a) Certain corporate costs previously allocated to the Federal and Defense business for segment reporting purposes did not qualify for classification within discontinued operations and have been reallocated to continuing operations.