v3.25.1
Revenue
 12 Months Ended
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:
Year Ended December 31,
(in thousands)20242023
Services transferred at a point in time:
Flights$308,283 $303,299 
Aircraft Management Services1,942 — 
Services transferred over time:
Memberships4,005 5,458 
MRO7,166 4,606 
Fractional ownership purchase price5,877 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 deferred219,246 
Balance as of December 31, 202393,940 
Revenue recognized(249,770)
Revenue deferred305,346 
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.