Quarterly report [Sections 13 or 15(d)]

REVENUES

v3.25.1
REVENUES
 3 Months Ended
Mar. 31, 2025
Revenue Recognition [Abstract]  
REVENUES REVENUES
Revenue Recognition
The Company’s customers are primarily major integrated, national and independent offshore energy companies and government agencies. Revenues are generally recognized when the Company satisfies its performance obligations by providing aviation services to its customers in exchange for consideration. The Company disaggregates its revenues by operating segment.
Revenues by Segment. Revenues earned by each segment for the periods reflected in the table below were as follows (in thousands):
Three Months Ended March 31,
2025 2024
Offshore energy services(1)
$ 239,785  $ 229,895 
Government services 85,943  82,172 
Other services 24,802  25,027 
Total revenues $ 350,530  $ 337,094 
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(1)Includes revenues of approximately $1.6 million for the three months ended March 31, 2024, related to fixed wing revenues in Africa that were previously classified in Other Services.
Deferred revenues 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. The Company’s current deferred revenues are recorded under current liabilities and the Company’s long-term deferred revenues are recorded in other liabilities and deferred credits on the condensed consolidated balance sheets.
The Company’s deferred revenues were as follows (in thousands):
March 31,
2025		 December 31,
2024
Short-term $ 23,348  $ 15,186 
Long-term 10,050  8,385 
Total deferred revenues $ 33,398  $ 23,571 
During the three months ended March 31, 2025 and 2024, revenues recognized that had previously been deferred were $5.7 million and $7.3 million, respectively. As of March 31, 2025, the Company anticipates recognizing long-term deferred revenues of approximately $3.1 million in 2026, $4.4 million in 2027, $0.9 million in 2028, $0.3 million in 2029 and $1.3 million thereafter.