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REVENUE RECOGNITION (Tables) | 6 Months Ended
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Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
Schedule of 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.
Schedule of Accounts Receivable Net | 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 |
Schedule of Deferred Revenue | 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 |
Schedule of Revenue Expected to be Recognized in Future Periods | 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 |

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