Quarterly report pursuant to Section 13 or 15(d)

Segment and Geographic Information

v3.23.2
Segment and Geographic Information
 6 Months Ended
Jun. 30, 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, Flight Profit and Flight Margins. Flight Profit is defined as revenue less cost of revenue. Cost of revenue consists of flight costs paid to operators of aircraft and cars, landing fees, ROU asset amortization and internal costs incurred in generating ground transportation revenue using the Company’s owned cars. Flight Margin for a period is defined as Flight Profit for the period divided by revenue for the same period. 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:
Three Months Ended June 30, Six Months Ended June 30,
2023 2022 2023 2022
Segment revenue
Passenger
 $ 26,590  $ 18,384  $ 45,094  $ 32,339 
Medical
 34,399  17,249  61,166  29,924 
Total revenue
 $ 60,989  $ 35,633  $ 106,260  $ 62,263 
Segment Flight Profit
Passenger $ 4,642  $ 2,478  $ 7,454  $ 3,167 
Medical 5,727  2,633  10,079  4,867 
Total Flight Profit $ 10,369  $ 5,111  $ 17,533  $ 8,034 
Reconciling items:
All other operating costs(1) (22,578) (14,844) (42,569) (31,457)
Loss from operations $ (12,209) $ (9,733) $ (25,036) $ (23,423)
Segment net income (loss)
Passenger $ (3,837) $ (2,326) $ (8,955) $ (7,842)
Medical (497) 694 1,140 1,216
Net loss from reportable segments (4,334) (1,632) (7,815) (6,626)
Unallocated corporate costs & software development(2) (7,875) (8,101) (17,221) (16,797)
Other non-operating income (399) 18,145  2,040  20,823 
Loss before income taxes $ (12,608) $ 8,412 $ (22,996) $ (2,600)
Segment Flight Margin
Passenger 17.5  % 13.5  % 16.5  % 9.8  %
Medical 16.6  % 15.3  % 16.5  % 16.3  %
Total Flight Margin 17.0  % 14.3  % 16.5  % 12.9  %
June 30,
2023		 December 31,
2022
Goodwill
Passenger $ 26,469  $ 26,117 
Medical 13,328  13,328 
Total goodwill $ 39,797  $ 39,445 
________
(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.
(2) 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:
Three Months Ended June 30, Six Months Ended June 30,
2023 2022 2023 2022
Revenue
United States
 $ 51,991  $ 33,103  $ 89,990  $ 57,946 
Other
 8,998  2,530  16,270  4,317 
Total revenue
 $ 60,989  $ 35,633  $ 106,260  $ 62,263 
June 30,
2023		 December 31,
2022
Long-lived assets
United States
 $ 13,320  $ 7,195 
Other
 12,775  12,534 
Total long-lived assets
 $ 26,095  $ 19,729