Quarterly report pursuant to Section 13 or 15(d)

Segment and Geographic Information

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Segment and Geographic Information
 3 Months Ended
Mar. 31, 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 Offer, 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, and (7) 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 table reflects certain financial data of the Company’s reportable segments:
Three Months Ended March 31,
2024 2023
Segment revenue
Passenger
 $ 15,488  $ 18,504 
Medical
 36,026  26,767 
Total revenue
 $ 51,514  $ 45,271 
Segment Adjusted EBITDA
Passenger $ (2,651) $ (3,055)
Medical 4,409  1,880 
Adjusted unallocated corporate expenses and software development (1) (5,304) (6,549)
Total Adjusted EBITDA (3,546) (7,724)
Reconciling items:
Depreciation and amortization (1,594) (1,652)
Stock-based compensation (4,543) (3,221)
Change in fair value of warrant liabilities 3,478  566 
Realized (gain) loss from sales of short-term investments —  (81)
Interest income, net 2,072  1,954 
Legal and regulatory advocacy fees (2)(3) (123) (423)
Executive severance costs —  (146)
Contingent consideration compensation (earn-out) (4) —  339 
M&A transaction costs (62) — 
Loss before income taxes $ (4,318) $ (10,388)
(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 months ended March 31, 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 three months ended March 31, 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) Represents the credit recorded in connection with the settlement of the equity-based portion of Trinity’s contingent consideration that was paid in the first quarter of 2023 in respect of 2022 results. 2023 was the last year subject to an earn-out payment.
March 31,
2024		 December 31,
2023
Goodwill
Passenger $ 26,449  $ 27,045 
Medical 13,328  13,328 
Total goodwill $ 39,777  $ 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 March 31,
2024 2023
Revenue
United States
 $ 45,301  $ 37,999 
Other
 6,213  7,272 
Total revenue
 $ 51,514  $ 45,271 
March 31,
2024		 December 31,
2023
Long-lived assets
United States
 $ 14,150  $ 13,727 
Other
 13,894  12,656 
Total long-lived assets
 $ 28,044  $ 26,383