Annual report pursuant to Section 13 and 15(d)

RELATED PARTY TRANSACTIONS

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RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
The Company owns a 25% voting interest and a 40% economic interest in Cougar, an aviation services provider in Canada. Due to common ownership of Cougar, the Company considers VIH Aviation Group Ltd. (“VIH”) a related party.
The Company and VIH lease certain aircraft and facilities and from time to time purchases inventory from one another.
Revenues from and payments to related parties for the periods reflected in the table below were as follows (in thousands):
Twelve Months Ended December 31, 2023 Nine Months Ended December 31, 2022 Twelve Months Ended March 31, 2022
Revenues from contracts with related parties $ 8,503  $ 7,463  $ 8,303 
Other revenues from related parties 23,421  16,175  22,565 
Total revenues from related parties $ 31,924  $ 23,638  $ 30,868 
Payments to related parties $ 5,253  $ 4,385  $ 9,968 
Additionally, during the twelve months ended December 31, 2023, the Company and VIH entered into resale agreements under which one S92 aircraft was sold in exchange for the purchase of another S92 aircraft in a non-monetary transaction. The exchange did not result in a gain or loss being recognized on the Company’s consolidated statement of operations.
As of December 31, 2023 and 2022, accounts receivables from related parties included in accounts receivables on the consolidated balance sheets were $1.2 million and $0.8 million, respectively.