Quarterly report pursuant to Section 13 or 15(d)

REVENUE (Tables)

v3.22.2
REVENUE (Tables)
6 Months Ended
Jun. 30, 2022
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,
2022 2021 2022 2021
Services transferred at a point in time:
Flights, net of discounts and incentives $ 284,071  $ 212,660  $ 520,434  $ 403,134 
Aircraft management 58,307  47,594  116,356  96,017 
Other 55,789  5,450  62,967  9,739 
Services transferred over time:
Memberships 24,020  16,188  44,667  31,162 
Aircraft management 2,411  2,361  4,868  4,818 
Other 914  1,327  1,855  2,367 
Total $ 425,512  $ 285,580  $ 751,147  $ 547,237 
Schedule of Deferred Revenue
Deferred revenue consists of the following (in thousands):
  June 30, 2022 December 31, 2021
Flights - Prepaid Blocks and jet cards $ 989,019  $ 876,750 
Memberships - annual dues 42,886  47,069 
Memberships - initiation fees 3,785  4,072 
Flights - credits 5,190  6,633 
Other 192  960 
Deferred revenue - total 1,041,072  935,484 
Less: Deferred revenue - current (1,039,279) (933,527)
Deferred revenue - non-current $ 1,793  $ 1,957 
Changes in deferred revenue for the six months ended June 30, 2022 were as follows (in thousands):
Deferred revenue - beginning balance $ 935,484 
Amounts deferred during the period 702,882 
Revenue recognized from amounts included in the deferred revenue beginning balance (378,699)
Revenue from current period sales (218,595)
Deferred revenue - ending balance $ 1,041,072