Quarterly report pursuant to Section 13 or 15(d)

Segment and Geographic Information

v3.23.3
Segment and Geographic Information
 9 Months Ended
Sep. 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 September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Segment revenue
Passenger
 $ 37,995  $ 25,503  $ 83,089  $ 57,842 
Medical
 33,447  20,219  94,613  50,143 
Total revenue
 $ 71,442  $ 45,722  $ 177,702  $ 107,985 
Segment Flight Profit
Passenger $ 9,410  $ 6,094  $ 16,864  $ 9,261 
Medical 6,169  3,172  16,248  8,039 
Total Flight Profit $ 15,579  $ 9,266  $ 33,112  $ 17,300 
Reconciling items:
All other operating costs(1) (23,027) (19,694) (65,596) (51,151)
Loss from operations $ (7,448) $ (10,428) $ (32,484) $ (33,851)
Segment net income (loss)
Passenger $ 801 $ (416) $ (8,154) $ (8,258)
Medical (85) 999 1,055 2,215
Net income (loss) from reportable segments
 716 583 (7,099) (6,043)
Unallocated corporate costs & software development(2) (8,164) (11,011) (25,385) (27,808)
Other non-operating income 7,866  1,239  9,906  22,062 
Income (loss) before income taxes
 $ 418 $ (9,189) $ (22,578) $ (11,789)
Segment Flight Margin
Passenger 24.8  % 23.9  % 20.3  % 16.0  %
Medical 18.4  % 15.7  % 17.2  % 16.0  %
Total Flight Margin 21.8  % 20.3  % 18.6  % 16.0  %
September 30,
2023		 December 31,
2022
Goodwill
Passenger $ 25,901  $ 26,117 
Medical 13,328  13,328 
Total goodwill $ 39,229  $ 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 September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Revenue
United States
 $ 58,630  $ 41,923  $ 148,620  $ 99,869 
Other
 12,812  3,799  29,082  8,116 
Total revenue
 $ 71,442  $ 45,722  $ 177,702  $ 107,985 
September 30,
2023		 December 31,
2022
Long-lived assets
United States
 $ 14,413  $ 7,195 
Other
 12,199  12,534 
Total long-lived assets
 $ 26,612  $ 19,729