Annual report pursuant to Section 13 and 15(d)

Segment and Geographic Information

v3.24.0.1
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
Segment Information

Operating segments are defined as components of an enterprise that engage in business activities for which discrete financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) and is used in resource allocation and performance assessments. In addition, per ASC 280, Segment Reporting, paragraph 280-10-50-11, two or more operating segments may be aggregated into a single reported segment if the segments have similar economic characteristics. The Company has identified two reporting segments - Passenger and Medical. Our CODM is our senior management team. Our senior management team regularly reviews discrete information for those two reporting segments. The Passenger segment consists of our two product lines Short Distance and Jet and Other. The Medical segment consists of the MediMobility Organ Transport product line. Our product lines are defined in Note 2 in the Revenue Recognition section.

The CODM evaluates the performance of the segments and allocates resources primarily based on their respective revenue and income (loss) before income tax expense (benefit). The CODM does not evaluate operating segments or allocate resources using asset information and, accordingly, asset information by segment is not presented herein.
The following table reflects certain financial data of the Company’s reportable segments:
Year Ended December 31,
2023 2022
Segment revenue
Passenger
 $ 98,576  $ 74,341 
Medical
 126,604  71,779 
Total revenue
 $ 225,180  $ 146,120 
Segment loss
Passenger $ (33,503) $ (14,029)
Medical (1,388) (2,930)
Loss from reportable segments
 (34,891) (16,959)
Unallocated corporate costs & software development(1) (33,226) (36,570)
Other non-operating income 10,575  25,497 
Loss before income taxes
 $ (57,542) $ (28,032)
December 31,
2023		 December 31,
2022
Goodwill
Passenger $ 27,045  $ 26,117 
Medical 13,328  13,328 
Total goodwill $ 40,373  $ 39,445 
(1) Unallocated corporate costs & software development includes costs that are not directly attributable to our reportable segments.
Corporate costs also include shared costs such as finance, accounting, tax, human resources, information technology, legal costs and costs of the development of our application.

Geographic Information

Revenue by geography is based on where the flight’s operator is based. Long-lived assets, net includes property and equipment, net and operating right-of-use assets. Summary financial data attributable to various geographic regions for the periods indicated is as follows:
Year Ended December 31,
2023 2022
Revenue
United States
 $ 190,744  $ 133,298 
Other
 34,436  12,822 
Total revenue
 $ 225,180  $ 146,120 
December 31,
2023		 December 31,
2022
Long-lived assets
United States
 $ 13,727  $ 7,195 
Other
 12,656  12,534 
Total long-lived assets
 $ 26,383  $ 19,729