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Revenue | 6 Months Ended
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Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenue | 6. Revenue 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:
| Year Ended December 31,
(In thousands) | 2023 |  | 2022 |  |
Services transferred at a point in time: |  |  |  |  |
Flights | $ | 303,299 |  |  | $ | 314,039 |  |  |
Services transferred over time: |  |  |  |  |
Memberships | 5,458 |  |  | 3,939 |  |  |
MRO | 4,606 |  |  | 1,556 |  |  |
Fractional ownership purchase price | 1,999 |  |  | 508 |  |  |
| $ | 315,362 |  |  | $ | 320,042 |  |  |
Transaction Price The transaction prices for each of the primary revenue streams are as follows: •Jet Club and Charter – Membership fees (less credits issued), and flight related charges based on trips flown •Guaranteed Revenue Program – Fleet minimums with additional charges for flight services over the guarantee •MRO – Time and materials incurred for services performed •Fractional Ownership – The portion of fractional interest purchase price (less credits issued) allocated to revenue, and flight related charges based on trips flown The following tables provide a rollforward of deferred revenue:
(In thousands) | Amount
Balance as of December 31, 2021 | $ | 32,795 |
Revenue recognized | (179,355) |
Revenue deferred | 207,162 |
Balance as of December 31, 2022 | 60,602 |
Revenue recognized | (185,908) |
Revenue deferred | 219,246 |
Balance as of December 31, 2023 | $ | 93,940 |
The increase in deferred revenue at December 31, 2023 compared to December 31, 2022 is due to increased customer billings for services relating to timing of satisfaction of the Company’s performance obligations. 7. Revenue 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:
| Three Months Ended June 30, |  | Six Months Ended June 30, |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Services transferred at a point in time: |  |  |  |  |  |  |  |  |
Flights | $ | 74,384 |  |  | $ | 97,428 |  |  | $ | 150,504 |  |  | $ | 172,029 |  |  |
Services transferred over time: |  |  |  |  |  |  |  |  |
Memberships | 1,339 |  |  | 1,437 |  |  | 2,806 |  |  | 2,915 |  |  |
MRO | 2,244 |  |  | 1,113 |  |  | 3,734 |  |  | 1,817 |  |  |
Fractional ownership purchase price | 1,046 |  |  | 360 |  |  | 1,941 |  |  | 609 |  |  |
| $ | 79,013 |  |  | $ | 100,338 |  |  | $ | 158,985 |  |  | $ | 177,370 |  |  |
Transaction Price The transaction prices for each of the primary revenue streams are as follows: •Jet Club and Charter – Membership fees (less credits issued), and flight related charges based on trips flown •Guaranteed Revenue Program – Fleet minimums with additional charges for flight services over the guarantee •MRO – Time and materials incurred for services performed •Fractional Ownership – The portion of fractional interest purchase price allocated to revenue, and flight related charges based on trips flown The following tables provide a rollforward of deferred revenue for the six months ended June 30, 2024:
| Amount
Balance as of December 31, 2023 | $ | 93,940 |
Revenue recognized | 127,990 |
Revenue deferred | (130,787) |
Balance as of June 30, 2024 | $ | 91,143 |

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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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