XML 23 R9.htm IDEA: XBRL DOCUMENT v3.24.2.u1
REVENUE RECOGNITION
 6 Months Ended
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,
2024202320242023
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 
Other13,257 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 
Other341 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 funds1,181 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 dues27,576 33,890 
Memberships - initiation fees1,249 2,377 
Flights - credits751 1,366 
Other10 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 period368,602 
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 
2025310,552 
202679,564 
202779,534 
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.