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flyExclusive(FLYX) - 2024 Q4 - Annual Report

Financial Performance - Revenue for the year ended December 31, 2024, was $327,274,000, an increase of 3% from $315,362,000 in 2023[420]. - Total costs and expenses for 2024 were $410,053,000, up from $352,683,000 in 2023, reflecting a 16% increase[420]. - The net loss attributable to flyExclusive, Inc. for 2024 was $21,074,000, compared to a net loss of $46,835,000 in 2023, indicating an improvement[420]. - Basic and diluted loss per share for 2024 was $(1.07)[420]. - The company reported a loss from operations of $(82,779,000) for 2024, worsening from $(37,321,000) in 2023[420]. - The company incurred net losses of $101,495 and $54,738 for the years ended December 31, 2024 and 2023, respectively[444]. Assets and Liabilities - As of December 31, 2024, total assets increased to $538.29 million from $521.03 million in 2023, representing a growth of approximately 3.9%[416]. - Total liabilities increased to $549,962,000 in 2024 from $485,700,000 in 2023, representing a 13% rise[418]. - Current liabilities rose to $294,753,000 in 2024, compared to $221,536,000 in 2023, marking a 33% increase[418]. - The accumulated deficit for flyExclusive, Inc. reached $(244,177,000) in 2024, up from $(80,456,000) in 2023[418]. - Total stockholders' equity showed a deficit of $(210,058,000) in 2024, compared to a positive equity of $70,855,000 in 2023[418]. Cash Flow and Financing - Cash and cash equivalents rose significantly to $31.69 million, up from $11.63 million, indicating a growth of approximately 172%[416]. - The company experienced a net cash outflow from operating activities of $10.929 million for the year ended December 31, 2024, compared to a net cash inflow of $8.665 million for the previous year[431]. - flyExclusive's total cash flows from investing activities resulted in a net outflow of $7.869 million for the year ended December 31, 2024, compared to a net outflow of $62.031 million in 2023[433]. - The company raised $71.413 million from the issuance of debt in 2024, down from $131.840 million in 2023[433]. - The company reported a total of $48.379 million in proceeds from preferred temporary equity issuance, net of issuance costs, in 2024[433]. Debt and Interest - The company had $67.3 million in variable rate debt as of December 31, 2024, with a potential increase of $0.2 million in interest expense for a 100-basis points rise in interest rates[404]. - The company recorded total interest expense related to long-term debt of $11,587 million for the year ended December 31, 2024, compared to $9,251 million in 2023, reflecting an increase of approximately 25.3%[573]. - The company has approximately $12,124 million in additional available borrowing capacity under the term loan as of December 31, 2024, up from $2,102 million in 2023[584]. - The company entered into a revolving line of credit loan with a maximum borrowing amount of $60,000 million, maturing on March 9, 2024[585]. Operational Risks and Challenges - The company reported a significant reliance on third-party aircraft engine manufacturers, posing risks to operations[423]. - The company identified material weaknesses in internal control over financial reporting, which could affect the accuracy of financial results[422]. - The company is exposed to risks associated with a decrease in demand for private aviation services, which could adversely impact operations[423]. - The company expects to incur operating losses in the near term as it advances its fleet modernization and associated cost savings initiatives[444]. Strategic Initiatives - The company is focusing on market expansion and new product development as part of its strategic initiatives moving forward[422]. - The company aims to expand its operations by enhancing its maintenance, repair, and overhaul (MRO) services, which were launched in 2021 to support both its fleet and third-party clients[439]. Stock and Equity - The total stockholders' equity as of December 31, 2023, was $(35,525) thousand, reflecting a decrease from previous periods[424]. - The issuance of Series A Preferred stock amounted to $20,540 thousand, while Series B Preferred stock issuance was $13,526 thousand[424]. - The total flyExclusive Common Stock outstanding immediately after the Merger was 76,577,529 shares, including 59,930,000 Class B shares held by LGM Existing Equityholders[526]. Market Performance - Unrealized gains on available-for-sale securities were recorded at $156,000, indicating positive market performance in this area[422]. - The company reported unrealized gains on available-for-sale securities of $13 thousand, indicating a positive adjustment in asset valuation[424]. - The fair value of public warrants is classified as Level 1, while private placement warrants are classified as Level 2, with a total warrant liability of $3,014,000 as of December 31, 2024[535].