Quarterly report pursuant to Section 13 or 15(d)

REVENUES

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REVENUES
 6 Months Ended
Sep. 30, 2022
Revenue Recognition [Abstract]  
REVENUES REVENUES
The Company derives its revenues primarily from oil and gas flight services, government services and fixed wing services through a single operating segment, 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 September 30, Six Months Ended
September 30,
  2022 2021 2022 2021
Revenues from contracts with customers $ 298,375  $ 295,968  $ 594,565  $ 588,566 
Other revenues 8,895  5,616  14,442  13,620 
Total revenues $ 307,270  $ 301,584  $ 609,007  $ 602,186 
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 September 30, Six Months Ended
September 30,
2022 2021 2022 2021
Oil and gas services $ 197,076  $ 193,681  $ 392,156  $ 383,465 
Government services 69,908  69,742  140,015  140,184 
Fixed wing services 28,945  23,501  54,887  48,057 
Other services 3,462  3,196  6,481  6,765 
Total operating revenues $ 299,391  $ 290,120  $ 593,539  $ 578,471 
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 revenue has been recognized (i.e., services have been performed), but customer payment is contingent on a future event (i.e., satisfaction of contract milestones). These contract assets are transferred to receivables when billing milestones are met. 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.
As of September 30, 2022 and March 31, 2022, receivables related to services performed under contracts with customers were $177.4 million and $165.2 million, respectively. During the six months ended September 30, 2022, the Company recognized $5.8 million of revenues from outstanding contract liabilities. Contract liabilities related to services performed under contracts with customers were $12.5 million and $13.3 million as of September 30, 2022 and March 31, 2022, respectively. 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 September 30, 2022 and March 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 table below discloses (1) the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period and (2) the expected timing to recognize these revenues (in thousands):
 
Remaining Performance Obligations as of September 30, 2022
Six Months Ending March 31, 2023 Fiscal Year Ending March 31, Total
  2024 2025 2026 2027 and thereafter
Outstanding Service Revenues:
Helicopter contracts $ 228,922  $ 298,297  $ 226,586  $ 134,473  $ 112,689  $ 1,000,967 
Fixed wing contracts 504  —  —  —  —  504 
Total remaining performance obligation revenue $ 229,426  $ 298,297  $ 226,586  $ 134,473  $ 112,689  $ 1,001,471 
The table above includes performance obligations up to the point where the parties can cancel existing contracts. Any applicable cancellation penalties have been excluded. As such, the Company’s actual remaining performance obligation revenues are expected to be greater than what is reflected in the table above. In addition, the remaining performance obligation disclosure does not include expected consideration related to performance obligations of a variable nature (i.e., flight services) as they cannot be reasonably and reliably estimated.