Quarterly report pursuant to Section 13 or 15(d)

REVENUES

v3.23.1
REVENUES
 3 Months Ended
Mar. 31, 2023
Revenue Recognition [Abstract]  
REVENUES REVENUES
The Company derives its revenues primarily from aviation services. A majority of the Company’s revenues are generated through two types of contracts: helicopter services contracts and fixed wing services contracts.
The following table shows the total revenues (in thousands):
Three Months Ended
March 31,
  2023 2022
Revenues from contracts with customers $ 296,022  $ 275,004 
Other revenues 6,000  12,395 
Total revenues $ 302,022  $ 287,399 
Revenues by Service Line. The following table sets forth the operating revenues earned by service line for the applicable periods (in thousands):
Three Months Ended
March 31,
2023 2022
Offshore energy services $ 181,629  $ 189,320 
Government services 82,334  66,239 
Fixed wing services 25,919  16,806 
Other services 3,049  3,217 
Total operating revenues $ 292,931  $ 275,582 
Contract Assets, Liabilities and Receivables
The Company generally satisfies performance of contract obligations by providing aviation services to its customers in exchange for consideration. The timing of performance may differ from the timing of the customer’s payment, which results in the recognition of a contract asset or a contract liability. A contract asset exists when the Company has a contract with a customer for which revenues have been recognized (i.e., services have been performed), but customer payment is contingent on a future event (i.e., satisfaction of additional performance obligations). These contract assets are transferred to receivables when the right to consideration becomes unconditional. Contract liabilities relate to deferred revenues in which advance consideration is received from customers for contracts where revenues are recognized based on future performance of services.
Three Months Ended
March 31,
2023 2022
Revenues from contract liabilities $ 6,397  $ 2,504 
March 31, 2023 December 31, 2022
Receivables under contracts with customers $ 179,979  $ 182,742 
Contract liabilities under contracts with customers 12,730  12,931 
Contract liabilities are primarily generated by fixed wing services where customers pay for tickets in advance of receiving the Company’s services and advanced payments from helicopter services customers. There were no contract assets as of March 31, 2023 and December 31, 2022.
Remaining Performance Obligations
Remaining performance obligations represent firm contracts for which work has not been performed and future revenue recognition is expected. The Company has elected the practical expedient permitting the exclusion of disclosing remaining performance obligations for contracts that have an original expected duration of one year or less. The Company’s contracts have fixed terms ranging from one month to 10 years and generally may, depending on the contract, be cancelled without penalty and with a notice period of less than a year. Customarily, these contracts do not commit customers to purchase specific amounts of services or minimum flight hours and permit customers to decrease the number of helicopters under contract with a corresponding decrease in the fixed monthly payments without penalty.
Excluding any applicable cancellation penalties, revenues from performance obligations that are unsatisfied (or partially unsatisfied) on contracts with fixed consideration that have an expected duration of one year or more and therefore not subject to the practical expedient as of March 31, 2023 were $30.0 million, of which $15.9 million and $14.1 million of revenues are expected to be recognized in 2023 and 2024, respectively. These amounts exclude expected consideration related to performance obligations of a variable nature (i.e., flight services) as they cannot be reasonably and reliably estimated.