Quarterly report pursuant to Section 13 or 15(d)

Segment and Geographic Information

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Segment and Geographic Information
 6 Months Ended
Jun. 30, 2024
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 reportable segment if the segments have similar economic characteristics. The Company has identified two reportable segments - Passenger and Medical, as our Chief Executive Officer, who is our CODM, regularly reviews discrete information for those two reportable 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 — Revenue.

Beginning in the first quarter of 2024, the Company changed its primary measure of segment performance to Adjusted EBITDA, as the CODM evaluates the performance of the segments and allocates resources primarily based on their respective Adjusted EBITDA. Adjusted EBITDA reflects the operational efficiency and core results of our segment, independent of tax implications and non-operational financial factors. Adjusted EBITDA is defined as net loss adjusted to exclude (1) depreciation and amortization, (2) stock-based compensation, (3) change in fair value of warrant liabilities, (4) interest income and expense, (5) income tax, (6) realized gains and losses on short-term investments, (7) impairment of intangible assets and (8) certain other non-recurring items (shown below) that management does not believe are indicative of ongoing Company operating performance and would impact the comparability of results between periods.
The following tables reflect certain financial data of the Company’s reportable segments:
Three Months Ended June 30, Six Months Ended June 30,
2024 2023 2024 2023
Segment revenue
Passenger
 $ 29,604  $ 26,590  $ 45,092  $ 45,094 
Medical
 38,341  34,399  74,367  61,166 
Total revenue
 $ 67,945  $ 60,989  $ 119,459  $ 106,260 
Segment Adjusted EBITDA
Passenger $ 782  $ (2,075) $ (1,869) $ (5,130)
Medical 5,524  3,023  9,933  4,903 
Adjusted unallocated corporate expenses and software development (1) (5,348) (5,396) (10,652) (11,945)
Total Adjusted EBITDA 958  (4,448) (2,588) (12,172)
Reconciling items:
Depreciation and amortization (1,559) (1,810) (3,153) (3,462)
Stock-based compensation (5,546) (2,797) (10,089) (6,018)
Change in fair value of warrant liabilities (913) (2,462) 2,565  (1,896)
Realized loss from sales of short-term investments —  (14) —  (95)
Interest income 1,788  2,077  3,860  4,031 
Legal and regulatory advocacy fees (2)(3) (139) —  (262) (423)
Executive severance costs —  (119) —  (265)
SOX readiness costs (82) (35) (82) (35)
Contingent consideration compensation (earn-out) (4) —  (3,000) —  (2,661)
M&A transaction costs (22) —  (84) — 
Impairment of intangible assets (5,759) —  (5,759) — 
Loss before income taxes $ (11,274) $ (12,608) $ (15,592) $ (22,996)
(1) Includes costs that are not directly attributable to reportable segments such as finance, accounting, tax, information technology, human resources, legal costs and software development costs (primarily consists of staff and contractors costs), and excludes non-cash items and certain transactions that management does not believe are reflective of our ongoing core operations.
(2) For the three and six months ended June 30, 2024, represents legal advocacy fees related to the Drulias lawsuit (see “— Legal and Environmental” within Note 9) that we do not consider representative of legal and regulatory advocacy costs that we will incur from time to time in the ordinary course of our business.
(3) For the six months ended June 30, 2023, represents certain legal and regulatory advocacy fees for certain proposed restrictions at East Hampton Airport and potential operational restrictions on large jet aircraft at Westchester Airport, that we do not consider representative of legal and regulatory advocacy costs that we will incur from time to time in the ordinary course of our business.
(4) Trinity’s contingent consideration, 2023 was the last year subject to an earn-out payment.

June 30,
2024		 December 31,
2023
Goodwill
Passenger $ 26,246  $ 27,045 
Medical 13,328  13,328 
Total goodwill $ 39,574  $ 40,373 
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:
Three Months Ended June 30, Six Months Ended June 30,
2024 2023 2024 2023
Revenue
United States
 $ 58,000  $ 51,991  $ 103,301  $ 89,990 
Other
 9,945  8,998  16,158  16,270 
Total revenue
 $ 67,945  $ 60,989  $ 119,459  $ 106,260 
June 30,
2024		 December 31,
2023
Long-lived assets
United States
 $ 28,957  $ 13,727 
Other
 14,259  12,656 
Total long-lived assets
 $ 43,216  $ 26,383