v3.26.1
REVENUE RECOGNITION
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Disaggregation of Revenue
The following table disaggregates Revenue by service type and the timing of when these services are provided to the member or customer (in thousands):
Three Months Ended March 31,
  20262025
Services transferred at a point in time:
Flights, net of discounts and incentives$143,538 $147,568 
Other19,366 19,784 
Services transferred over time:
Memberships6,018 9,189 
Other— 989 
Total Revenue$168,922 $177,530 
Contract Balances
Accounts receivable, net consisted of the following (in thousands):
March 31, 2026December 31, 2025
Gross receivables from members and customers$39,410 $30,960 
Undeposited funds1,037 1,336 
Less: Allowance for credit losses(8,132)(8,047)
Accounts receivable, net$32,315 $24,249 
Deferred revenue consisted of the following (in thousands):
March 31, 2026December 31, 2025
Flights - prepaid
$675,136 $726,506 
Memberships - annual dues
7,908 10,328 
Flights - credits
$1,345 2,018 
Other
3,187 — 
Deferred revenue - total
$687,576 $738,852 
Changes in Deferred revenue for the three months ended March 31, 2026 were as follows (in thousands):
Deferred revenue as of December 31, 2025
$738,852 
   Amounts deferred during the period
117,646 
   Revenue recognized from amounts included in the deferred revenue beginning balance
(147,698)
   Revenue from current period sales
(21,224)
Deferred revenue as of March 31, 2026
$687,576 
Revenue expected to be recognized in future periods for performance obligations that are unsatisfied, or partially unsatisfied, as of March 31, 2026 were as follows (in thousands):
Remainder of 2026
$329,332 
2027
231,808 
2028
63,218 
2029
63,218 
Total Deferred revenue$687,576 
Costs to Obtain a Contract
Capitalized costs related to sales commissions were $3.6 million and $2.0 million for the three months ended March 31, 2026 and 2025, respectively.
As of March 31, 2026 and December 31, 2025, capitalized sales commissions and referral fees of $6.3 million and $4.8 million, respectively, were included in Other current assets, and $0.1 million and $0.1 million, respectively, were included in Other non-current assets on the condensed consolidated balance sheets. Amortization expense related to capitalized sales commissions and referral fees included in sales and marketing expense in the condensed consolidated statements of operations was $2.3 million for each of the three months ended March 31, 2026 and 2025.