Annual report pursuant to Section 13 and 15(d)

Segment and Geographic Information

v3.22.4
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2022
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 ASC 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. The CODM does not evaluate operating segments or allocate resources using asset information and, accordingly, we do not report asset information by segment.

The following table reflects certain financial data of the Company’s reportable segments for the years ended December 31, 2022, September 30, 2021 and the transition period ended December 31, 2021:
For the Years Ended
December 31,
2022		 September 30,
2021		 October 1, 2021 - December 31, 2021 (Transition Period)
Revenue
Passenger
 $ 74,341  $ 44,125  $ 14,796 
Medical
 71,779  6,401  9,822 
Total revenue
 $ 146,120  $ 50,526  $ 24,618 
Passenger
Revenue $ 74,341  $ 44,125  $ 14,796 
Cost of revenue (63,658) (34,535) (12,285)
All other operating costs(1) (24,712) (9,186) (3,898)
Segment net income (loss) (14,029) 404 (1,387)
Medical
Revenue 71,779  6,401  9,822 
Cost of revenue (60,187) (5,473) (8,392)
All other operating costs(1) (14,522) (482) (1,598)
Segment net income (loss) (2,930) 446 (168)
Consolidated net income (loss) from reportable segments (16,959) 850 (1,555)
Unallocated corporate costs & software development (36,570) (24,943) (8,981)
Other non-operating income (expenses) 25,497  (19,602) 11,199 
Income tax benefit (772) (3,643) (109)
Net income (loss) $ (27,260) $ (40,052) $ 772
December 31,
2022		 December 31,
2021
Goodwill
Passenger $ 26,117  $ — 
Medical 13,328  13,328 
Total goodwill $ 39,445  $ 13,328 
_________
(1) All other operating costs consists of direct costs of service delivery, staff, selling and marketing as well as allocated staff, general and administrative expenses.
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:
For the Years Ended
December 31,
2022		 September 30,
2021		 October 1, 2021 - December 31, 2021 (Transition Period)
Revenue
United States
 $ 133,298  $ 50,526  $ 23,929 
Other
 12,822  —  689 
Total revenue
 $ 146,120  $ 50,526  $ 24,618 
December 31,
2022		 December 31,
2021
Long-lived assets
United States
 $ 7,195  $ 2,758 
Other
 12,534  — 
Total long-lived assets
 $ 19,729  $ 2,758