v3.24.2.u1
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Revenue $ 79,013 $ 100,338 $ 158,985 $ 177,370
Costs and expenses        
Cost of revenue 72,755 65,084 146,989 130,274
Selling, general and administrative 21,490 18,554 46,673 34,485
Depreciation and amortization 6,682 7,062 13,173 13,477
Loss (gain) on aircraft held for sale (72) (762) 1,417 (2,865)
Total costs and expenses 100,855 89,938 208,252 175,371
Income (loss) from operations (21,842) 10,400 (49,267) 1,999
Other income (expense)        
Interest income 1,162 1,099 2,440 2,193
Interest expense (5,666) (5,312) (10,321) (9,927)
Gain on forgiveness of CARES Act loan 0 339 0 339
Change in fair value of derivative liability 0 (509) 0 107
Change in fair value of warrant liabilities (899) 0 (3,679) 0
Other expense (609) (192) (17) (592)
Total other expense, net (6,012) (4,575) (11,577) (7,880)
Income (loss) before income taxes (27,854) 5,825 (60,844) (5,881)
Income tax benefit 0 0 0 0
Net income (loss) (27,854) 5,825 (60,844) (5,881)
Less: Net loss attributable to redeemable noncontrolling interests (20,501) 0 (42,200) 0
Less: Net loss attributable to noncontrolling interests (2,200) (1,722) (7,650) (4,259)
Net income (loss) attributable to flyExclusive, Inc. (5,153) 7,547 (10,994) (1,622) [1]
Add: Series A Preferred Dividends (972) 0 (1,257) 0
Net income (loss) attributable to common stockholders (6,125) 7,547 (12,251) (1,622)
Net income (loss) attributable to common stockholders $ (6,125) 7,547 $ (12,251) (1,622)
Basic, Earnings (Loss) Per Share (in dollars per share) [1] $ (0.32)   $ (0.67)  
Diluted, Earnings (Loss) Per Share (in dollars per share) $ (0.32)   $ (0.67) [1]  
Weighted Average Common Shares Outstanding, Basic (in shares) [1] 19,169,742   18,237,732  
Weighted Average Common Shares Outstanding, Diluted (in shares) [1] 19,169,742   18,237,732  
Other comprehensive income (loss)        
Net income (loss) attributable to flyExclusive, Inc. $ (5,153) 7,547 $ (10,994) (1,622) [1]
Unrealized gains (losses) on available-for-sale debt securities (24) (73) (192) 17
Comprehensive income (loss) attributable to flyExclusive, Inc. $ (5,177) $ 7,474 $ (11,186) $ (1,605)
[1] Basic and diluted earnings (loss) per share has not been presented for the three and six months ended June 30, 2023 in the condensed consolidated statements of operations and comprehensive income (loss) (unaudited). As a result of the Merger (as defined in Note 4 "Merger"), the Company's capital structure was significantly altered. The Company determined that presenting earnings per share for periods prior to the Merger would not result in values meaningful to the users of the condensed consolidated financial statements (unaudited). See Earnings per Share in Note 2 "Summary of Significant Accounting Policies" and Note 3 "Earnings (Loss) Per Share" for further discussion.

Source