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REVENUE RECOGNITION (Tables)

6 Months Ended

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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- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
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