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Revenue
12 Months Ended
Dec. 31, 2023
Revenue [Abstract]  
Revenue
3.Revenue

 

As of July 27, 2023, FCG was deconsolidated and accounted for as an equity method investment in the Company’s consolidated financial statements. The consolidated statement of operations and comprehensive loss therefore includes approximately seven months of activity related to FCG prior to deconsolidation during the year ended December 31, 2023. As of December 31, 2023 the assets and liabilities of FCG are no longer included within the Company’s consolidated balance sheet. Prior to deconsolidation, FCG’s operations generated a majority of the Company’s consolidated revenue and contract asset and liability balances. See Deconsolidation of Falcon’s Creative Group, LLC under Note 1 – Description of business and basis of presentation.

 

Disaggregated components of revenue for the Company for the years ended December 31, 2023 and 2022 are as follows:

 

   Year ended
December 31,
 
   2023   2022 
Services transferred over time:        
Design and project management services  $10,555   $10,963 
Media production services   1,773    392 
Attraction hardware and turnkey sales   2,052    4,302 
Other   2,533    293 
Total revenue from services transferred over time  $16,913   $15,950 
Services transferred at a point in time:          
Digital media licenses   1,331    
 
Total revenue from services transferred at a point in time  $1,331   $
 
Total revenue  $18,244   $15,950 

 

Starting in March 2023 and continuing through the year ended December 31, 2023, the Company licensed the right to use RMC to Sierra Parima. See Note 2 – Summary of significant accounting policies and Note 11 – Related party transactions for further discussion. After the deconsolidation of FCG, the Company recognizes related party revenue for corporate shared service support provided to FCG. Total related party revenues from services provided to our equity method investments were $6.8 million and $5.8 million for the years ended December 31, 2023 and 2022, respectively. Of the total related party revenues from services provided to our equity method investments, the Company recognized $2.1 million revenue related to intercompany services provided to FCG for the year ended December 31, 2023.

 

The following tables present the components of our Accounts receivable and contract balances:

 

   As of December 31, 2023 
   Related party   Other   Total 
Accounts receivable, net  $632   $64   $696 
Contract assets   
    
    
 
Contract liabilities   
    
    
 

 

   As of December 31, 2022 
   Related party   Other   Total 
Accounts receivable, net  $489   $2,820   $3,309 
Contract assets   1,680    1,012    2,692 
Contract liabilities   (600)   (696)   (1,296)

 

Revenue recognized for the year ended December 31, 2023 that was included in the contract liability balance as of December 31, 2022 was $1.2 million. Revenue recognized for the year ended December 31, 2022 that was included in the contract liability balance as of December 31, 2021 was $2.5 million.

 

Geographic information

 

The Company has contracts with customers located in the United States, Caribbean, Saudi Arabia, Hong Kong, Qatar, Vietnam, Rwanda, China, and Spain. The following table presents revenues based on the geographic location of the Company’s customer contracts:

 

   Year ended
December 31,
 
   2023   2022 
Saudi Arabia  $11,358   $9,759 
Caribbean   3,603    5,222 
USA   2,160    93 
Hong Kong   635    320 
Other   488    556 
Total revenue  $18,244   $15,950 

 

Destinations Operations

 

Management and incentive fees of $0.5 million and $0.3 million from our Mallorca, Spain equity method investment were recognized in the years ended December 31, 2023 and 2022, respectively.