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REVENUE RECOGNITION | 6 Months Ended
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Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
REVENUE RECOGNITION | REVENUE RECOGNITION Disaggregation of Revenue The following table disaggregates Revenue by service type and the timing of when these services are provided to the member or customer (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Services transferred at a point in time: |  |  |  |  |  |  |
Flights, net of discounts and incentives | $ | 163,684 |  |  | $ | 235,284 |  |  | $ | 314,613 |  |  | $ | 467,046 |
Aircraft management(1) | 2,905 |  |  | 46,073 |  |  | 6,030 |  |  | 107,315 |
Other | 13,257 |  |  | 28,138 |  |  | 38,916 |  |  | 59,945 |
Services transferred over time: |  |  |  |  |  |  |
Memberships | 16,046 |  |  | 21,478 |  |  | 32,900 |  |  | 43,158 |
Aircraft management(1) | 52 |  |  | 2,429 |  |  | 120 |  |  | 4,881 |
Other | 341 |  |  | 1,660 |  |  | 807 |  |  | 4,529 |
Total Revenue | $ | 196,285 |  |  | $ | 335,062 |  |  | $ | 393,386 |  |  | $ | 686,874 |
(1) On September 30, 2023, we completed the sale of the aircraft management business. See Note 4. Contract Balances Accounts receivable, net consisted of the following (in thousands):
| June 30, 2024 |  | December 31, 2023
Gross receivables from members and customers | $ | 41,266 |  |  | $ | 43,970 |
Undeposited funds | 1,181 |  |  | 2,131 |
Less: Allowance for credit losses | (8,442) |  |  | (7,864) |
Accounts receivable, net | $ | 34,005 |  |  | $ | 38,237 |
Deferred revenue consisted of the following (in thousands):
| June 30, 2024 |  | December 31, 2023
Flights - Prepaid Blocks | $ | 673,052 |  |  | $ | 686,413 |
Memberships - annual dues | 27,576 |  |  | 33,890 |
Memberships - initiation fees | 1,249 |  |  | 2,377 |
Flights - credits | 751 |  |  | 1,366 |
Other | 10 |  |  | 183 |
Deferred revenue - total | 702,638 |  |  | 724,229 |
Less: Deferred revenue - current | (702,174) |  |  | (723,246) |
Deferred revenue - non-current | $ | 464 |  |  | $ | 983 |
Deferred revenue, non-current is presented within Other non-current liabilities on the condensed consolidated balance sheets. Changes in Deferred revenue for the six months ended June 30, 2024 were as follows (in thousands):
Deferred revenue as of December 31, 2023 | $ | 724,229 |
Amounts deferred during the period | 368,602 |
Revenue recognized from amounts included in the deferred revenue beginning balance | (270,740) |
Revenue from current period sales | (119,453) |
Deferred revenue as of June 30, 2024 | $ | 702,638 |
Revenue expected to be recognized in future periods for performance obligations that are unsatisfied, or partially unsatisfied, as of June 30, 2024 were as follows (in thousands):
Remainder of 2024 | $ | 232,988 |
2025 | 310,552 |
2026 | 79,564 |
2027 | 79,534 |
Total Deferred revenue | $ | 702,638 |
Costs to Obtain a Contract Capitalized costs related to sales commissions and referral fees were $1.9 million and $3.9 million for the three and six months ended June 30, 2024, respectively, and $2.5 million and $4.1 million for the three and six months ended June 30, 2023, respectively. As of June 30, 2024 and December 31, 2023, capitalized sales commissions and referral fees of $4.9 million and $4.8 million, respectively, were included in Other current assets, and $0.3 million and $0.4 million, respectively, were included in Other non-current assets on the condensed consolidated balance sheets. Amortization expense related to capitalized sales commissions and referral fees included in sales and marketing expense in the condensed consolidated statements of operations was $2.1 million and $4.2 million for the three and six months ended June 30, 2024, respectively, and $3.1 million and $6.8 million for the three and six months ended June 30, 2023, respectively.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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