v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 27, 2023
Cash flows from operating activities:        
Net loss $ 1,287 $ (101,495) $ (54,738) $ (56,025) [1]
Adjustments to reconcile net loss to net cash from operating activities:        
Depreciation and amortization   24,966 26,982  
Amortization of contract costs   1,136 827  
Amortization of finance lease right-of-use assets   743 0  
Non-cash interest income   (2,712) (2,983)  
Non-cash interest expense   1,477 9,949  
Non-cash rent expense   21,199 18,278  
Gain on lease termination   (133) (29)  
Loss (Gain) on aircraft held for sale   2,795 (13,905)  
Change in fair value of derivative liability   0 14,589  
Provision for credit losses   2,190 2,557  
Realized losses on investment securities   59 238  
Change in fair value of Penny Warrant liability   1,467 334  
Gain on extinguishment of debt   0 (14,843)  
Stock-based compensation   753 882  
Gain on forgiveness of CARES Act loan   0 (339)  
Changes in operating assets and liabilities, net of effects from acquisitions:        
Other receivables   (2,680) 465  
Parts and supplies inventory, net   (516) 730  
Prepaid expenses and other current assets   (123) 344  
Operating lease liabilities   (21,166) (16,353)  
Other assets   (335) (187)  
Other current liabilities   (756) 2,416  
Other non-current liabilities   13,630 13,051  
Net cash flows from operating activities   (10,929) 8,665  
Cash flows from investing activities:        
Capitalized development costs   (492) (802)  
Purchases of property and equipment   (56,666) (83,636)  
Proceeds from sales of property and equipment and aircraft held for sale   50,776 41,964  
Purchases of engine overhauls   (24,508) (20,791)  
Finance lease direct initial costs   (385) 0  
Purchases of investments   (61,878) (103,951)  
Proceeds from sale of investments   70,083 105,185  
Notes receivable paydowns   15,201 0  
Net cash flows from investing activities   (7,869) (62,031)  
Cash flows from financing activities:        
Proceeds from Merger, net of transaction costs   0 8,350  
Proceeds from issuance of debt   71,413 131,840  
Repayment of debt   (57,743) (56,660)  
Payment of deferred financing costs   0 (3,261)  
Payment of debt issuance costs   (849) (1,096)  
Proceeds from notes receivable noncontrolling interest   0 4,181  
Cash contributions from members   0 3,959  
Cash distributions to members [2]   0 (33,662)  
Principal payments from finance leases   (9,048) 0  
Cash contributions - noncontrolling interests   6,485 9,541  
Cash distributions - noncontrolling interests   (19,771) (21,379)  
Proceeds from preferred temporary equity issuance, net of issuance costs   48,379 0  
Net cash flows from financing activities   38,866 41,813  
Net (decrease) increase in cash and cash equivalents   20,068 (11,553)  
Cash and cash equivalents at beginning of period   11,626 23,179 $ 23,179
Cash and cash equivalents at end of period 11,626 31,694 11,626  
Supplemental disclosure of cash flow information:        
Cash paid for interest   19,706 12,274  
Non-cash investing and financing activities:        
Reclassification of LGM Enterprises, LLC members' deficit to accumulated deficit in connection with the Merger   0 80,748  
Non-cash directors and officers insurance   2,032 2,518  
Conversion of Bridge Notes held by affiliates of EGA Sponsor into shares of flyExclusive Class A common stock in connection with the Merger   0 83,267  
Conversion of Bridge Notes held by non-affiliates into shares of flyExclusive Class A common stock in connection with the Merger   0 12,236  
Conversion of LGM Common Units to flyExclusive Class B Common Stock in connection with the Merger   0 6  
Initial value of short-term notes payable - related party recognized in connection with the Merger   0 3,947  
Initial public and private placement warrant liabilities recognized in connection with the Merger   0 2,248  
Exchange of public warrants for flyExclusive Class A common stock   371 82  
Issuance of Class A common stock upon cashless exercise of warrants   4,337 0  
Redeemable noncontrolling interest resulting from the Merger   0 42,431  
Change in redemption value of redeemable noncontrolling interest 5,826 268,423 5,826  
Excise tax payable $ 1,032 156 1,032  
Non-cash transfer of aircraft and related debt [2]   0 6,589  
Payable to underwriter as reimbursement for shares purchased on Closing Date   0 17  
Equity-classified obligation - Amended Underwriting Agreement   0 3,324  
Prepaid expenses assumed in connection with the Merger   0 70  
Accounts payable assumed in connection with the Merger   0 1,092  
Other current liabilities assumed in connection with the Merger   0 1,642  
Non-cash impact of specific incremental costs directly attributable to the offering of securities in connection with the closing of the Merger as reduction to APIC   0 4,528  
Transfers from prepaid engine overhaul to property and equipment   10,764 11,409  
Change in purchases of property and equipment in accounts payable   14,570 930  
Unrealized change in fair value of available-for-sale securities   13 407  
ROU assets obtained in exchange for operating lease liabilities   14,866 48,807  
ROU assets obtained in exchange for finance lease liabilities   16,039 0  
Non-cash exchanges of aircraft ownership interests   0 7,319  
Acquisitions of non-controlling interests   20,734 0  
Non-cash aircraft sale-leaseback transactions   0 23,100  
Transfer of fixed assets and prepaid engine overhauls to held for sale   42,960 0  
Series A Preferred Stock        
Non-cash investing and financing activities:        
Dividends payable on Temporary Equity   3,259 0  
Series B Preferred stock        
Non-cash investing and financing activities:        
Dividends payable on Temporary Equity   1,233 0  
Fractional Ownership        
Changes in operating assets and liabilities, net of effects from acquisitions:        
Deferred revenue   45,788 33,338  
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 Penny Warrant liability   (173) 130  
Public Warrants        
Adjustments to reconcile net loss to net cash from operating activities:        
Change in fair value of Penny Warrant liability   3,607 204  
Penny Warrants        
Adjustments to reconcile net loss to net cash from operating activities:        
Change in fair value of Penny Warrant liability   (1,967) 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  
Nonrelated Party        
Changes in operating assets and liabilities, net of effects from acquisitions:        
Accounts receivable   (1,175) 13,240  
Accounts payable   4,693 7,680  
Related Party        
Changes in operating assets and liabilities, net of effects from acquisitions:        
Accounts receivable   (734) 3,714  
Accounts payable   $ 0 $ (72)  
[1] The Merger occurred on December 27, 2023. As a result, net loss for the year ended December 31, 2023 was attributed to the pre-Merger period from January 1, 2023 through December 27, 2023 and to the post-Merger period from December 28, 2023 through December 31, 2023. During the pre-Merger period, net loss was attributable to LGM Enterprises, LLC and its noncontrolling interests. During the post-Merger period, net income was attributable to flyExclusive, Inc. and its noncontrolling interests and redeemable noncontrolling interest. Refer to the table below for the attribution of net income (loss) to controlling interests (LGM Enterprises, LLC for the pre-Merger period and flyExclusive, Inc. for the post-Merger period), noncontrolling interests, and redeemable noncontrolling interest during the pre-Merger and post-Merger periods.
(in thousands)
 Controlling Interests Noncontrolling
Interests		 Redeemable noncontrolling interest Total
Net loss of LGM Enterprises, LLC attributed to the pre-Merger period from January 1, 2023 through December 27, 2023 $ (47,134) $ (8,891) $ —  $ (56,025)
Net income (loss) of flyExclusive, Inc. attributed to the post-Merger period from December 28, 2023 through December 31, 2023. 299  (92) 1,080  1,287 
Total net income (loss) for the year ended December 31, 2023 $ (46,835) $ (8,983) $ 1,080  $ (54,738)
[2] Cash distributions to members for the year ended December 31, 2023 excludes the non-cash distribution to members of an aircraft, net of the aircraft's related debt, of $6,589. As such, total cash and non-cash distributions to members totaled $40,429, which consist of the non-cash distributions of $6,589 plus the cash distributions of $33,662

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