v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (84,980) $ (30,451)
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation and amortization 19,283 20,176
Amortization of contract costs 821 558
Non-cash interest income (2,093) (2,282)
Non-cash interest expense 1,126 7,373
Non-cash rent expense 15,818 12,547
Gain on lease termination (163) (38)
Loss (Gain) on aircraft held for sale 4,897 (12,435)
Change in fair value of derivative liability 0 3,577
Provision for credit losses 2,076 (1)
Realized losses on investment securities 59 238
Change in fair value of warrant liability 2,179 0
Changes in operating assets and liabilities, net of effects from acquisitions:    
Other receivables (1,797) 850
Parts and supplies inventory, net (836) (764)
Prepaid expenses and other current assets 261 809
Operating lease liabilities (15,989) (11,063)
Other assets (76) (73)
Other current liabilities (2,932) 5,838
Other non-current liabilities 6,431 6,896
Net cash flows from operating activities (54,434) 3,617
Cash flows from investing activities:    
Capitalized development costs (412) (585)
Purchases of property and equipment (14,656) (66,962)
Proceeds from sales of property and equipment 28,533 38,073
Purchases of engine overhauls (18,364) (14,548)
Purchases of investments (45,495) (68,837)
Proceeds from sale of investments 57,449 68,746
Notes receivable paydowns 15,040 0
Net cash flows from investing activities 22,095 (44,113)
Cash flows from financing activities:    
Proceeds from issuance of debt 71,413 97,769
Repayment of debt (50,282) (32,528)
Payment of deferred financing costs 0 (1,455)
Payment of debt issuance costs (4,018) (195)
Proceeds from notes receivable noncontrolling interest 0 208
Cash contributions from members 0 394
Cash distributions to members 0 (31,292)
Cash contributions - noncontrolling interests 6,327 9,208
Cash distributions - noncontrolling interests (13,920) (14,527)
Net cash flows from financing activities 39,367 27,582
Proceeds from preferred temporary equity issuance, net of issuance costs 29,847 0
Net increase (decrease) in cash and cash equivalents 7,028 (12,914)
Cash and cash equivalents at beginning of period 11,626 23,179
Cash and cash equivalents at end of period 18,654 10,265
Non-cash investing and financing activities:    
Exchange of public warrants for flyExclusive Class A common stock 371 0
Change in redemption value of redeemable noncontrolling interest 231,273 0
Excise tax payable 156 0
flyExclusive Class A common stock issued on cashless exercise of public warrants 4,337 0
Transfers from prepaid engine overhaul to property and equipment 9,833 10,229
Change in purchases of property and equipment in accounts payable 0 930
Unrealized change in fair value of available-for-sale securities (178) 335
Right of use asset impact for new leases 7,327 34,269
Acquisitions of non-controlling interests 6,892 0
Non-cash exchanges of aircraft ownership interests 0 7,319
Non-cash aircraft sale-leaseback transactions 0 23,100
Series A Preferred Stock    
Non-cash investing and financing activities:    
Dividends payable on Temporary Equity 2,257 0
Series B Preferred stock    
Non-cash investing and financing activities:    
Dividends payable on Temporary Equity 451 0
Fractional Ownership    
Changes in operating assets and liabilities, net of effects from acquisitions:    
Deferred revenue 6,276 23,715
Guaranteed Revenue Program    
Changes in operating assets and liabilities, net of effects from acquisitions:    
Deferred revenue 0 (37,500)
Private Placement Warrants    
Adjustments to reconcile net loss to net cash from operating activities:    
Change in fair value of warrant liability 433 0
Penny Warrants    
Adjustments to reconcile net loss to net cash from operating activities:    
Change in fair value of warrant liability (2,214) 0
Penny Warrants | Series A Preferred Stock    
Non-cash investing and financing activities:    
Issuance of penny warrants in connection with Series A Preferred Temporary Equity 3,746 0
Penny Warrants | Series B Preferred stock    
Non-cash investing and financing activities:    
Issuance of penny warrants in connection with Series A Preferred Temporary Equity 11,712 0
Public Warrants    
Adjustments to reconcile net loss to net cash from operating activities:    
Change in fair value of warrant liability 3,960 0
Nonrelated Party    
Changes in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable (752) 13,369
Accounts payable (4,062) 919
Related Party    
Changes in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable 19 1,431
Accounts payable $ 0 $ (72)

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