AAR is an independent provider of aviation aftermarket products and services for commercial airlines and government customers. The company operates through four segments: Parts Supply; Repair, Engineering, and Software; Government Solutions; and Legacy Commercial Programs. AAR's core business focuses on parts distribution and airframe maintenance, repair, and overhaul (MRO). In its parts business, AAR distributes new parts through exclusive two-way agreements with original equipment manufacturers (OEMs) and sells used serviceable material (USM) harvested from retired aircraft. The MRO business provides heavy maintenance and structural repairs across a network of facilities in North America, utilizing proprietary paperless processes to reduce aircraft turnaround times. AAR also offers aviation software through its Trax platform, which provides cloud-based MRO management on a subscription basis. AAR provides fleet management and supply chain logistics for the U.S. Department of Defense and Department of State. The company’s growth strategy involves securing additional exclusive OEM distribution contracts, expanding hangar capacity, and scaling its software offerings to drive cross-selling across its distribution and MRO businesses. AAR is currently winding down its asset-heavy Legacy Commercial Programs to focus on segments with higher returns.