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Revenue
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Revenue
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 March 31,

 

 

 

2025

 

 

2024

 

 

Services transferred at a point in time:

 

 

 

 

 

 

 

Flights

 

$

82,747

 

 

$

76,119

 

 

Aircraft Management Services

 

 

765

 

 

 

—

 

 

Services transferred over time:

 

 

 

 

 

 

 

Memberships

 

 

1,056

 

 

 

1,468

 

 

MRO

 

 

1,761

 

 

 

1,490

 

 

Fractional ownership purchase price

 

 

1,796

 

 

 

895

 

 

 

$

88,125

 

 

$

79,972

 

 

 

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
•
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; and
•
Aircraft Management Services – Fixed monthly management fees charged to third-party aircraft owners

The following tables provide a rollforward of deferred revenue for the three months ended March 31, 2025:

 

 

Amount

 

Balance as of December 31, 2024

 

$

149,517

 

Revenue recognized

 

 

76,370

 

Revenue deferred

 

 

(78,773

)

Balance as of March 31, 2025

 

$

147,114

 
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:

 

 

 

 

 

Year Ended December 31,

(in thousands)

 

 

 

2024

 

 

 

2023

Services transferred at a point in time:

 

 

 

 

 

 

 

 

Flights

 

 

$

308,283

 

 

$

303,299

Aircraft Management Services

 

 

 

1,942

 

 

 

—

Services transferred over time:

 

 

 

 

 

 

 

 

Memberships

 

 

 

4,005

 

 

 

5,458

MRO

 

 

 

7,166

 

 

 

4,606

Fractional ownership purchase price

 

 

 

5,877

 

 

 

1,999

 

 

 

$

327,274

 

 

$

315,362

 

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
•
Aircraft Management Services – Fixed monthly management fees charged to third-party aircraft owners

The following tables provide a rollforward of deferred revenue:

 

(in thousands)

 

 

 

Amount

Balance as of December 31, 2022

 

 

   $

60,602

Revenue recognized

 

 

 

(185,908)

Revenue deferred

 

 

 

219,246

Balance as of December 31, 2023

 

 

 

93,940

Revenue recognized

 

 

 

(249,770)

Revenue deferred

 

 

 

305,346

Balance as of December 31, 2024

 

 

   $

149,517

 

The increase in deferred revenue at December 31, 2024 compared to December 31, 2023 is due to increased customer billings for services relating to timing of satisfaction of the Company’s performance obligations.