FLYEXCLUSIVE INC
For the period ended Dec 31, 2023. Filed May 1, 2024.
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FY2023 · Filed May 1, 2024
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Consolidated Statements of Operations and Comprehensive Income (Loss)
| Year Ended December 31, | ||
|---|---|---|
| (in thousands) | 2023 | 2022 |
| Revenue | $315,362 | $320,042 |
| Costs and expenses | ||
| Cost of revenue | 264,176 | 255,441 |
| Selling, general and administrative | 75,430 | 53,794 |
| Depreciation and amortization | 26,982 | 23,114 |
| Total costs and expenses | 366,588 | 332,349 |
| Loss from operations | (51,226) | (12,307) |
| Other income (expense) | ||
| Interest income | 4,629 | 782 |
| Interest expense | (22,223) | (8,291) |
| Gain on forgiveness of CARES Act loan | 339 | — |
| Gain on sale of property and equipment | 13,905 | 15,333 |
| Gain on lease termination | 29 | 143 |
| Change in fair value of derivative liability | (14,589) | 470 |
| Change in fair value of warrant liabilities | (334) | — |
| Gain on extinguishment of debt | 14,843 | — |
| Other expense | (111) | (282) |
| Total other income (expense), net | (3,512) | 8,155 |
| Loss before income taxes | (54,738) | (4,152) |
| Income tax expense | — | — |
| Net loss | (54,738) | (4,152) |
| Less: Net income attributable to redeemable noncontrolling interests | 1,080 | — |
| Less: Net loss attributable to noncontrolling interests | (8,983) | (10,200) |
| Net income (loss) attributable to flyExclusive, Inc.* | $(46,835) | $6,048 |
| Other comprehensive income (loss) | ||
| Unrealized gains (losses) on available-for-sale debt securities | 407 | (476) |
| Comprehensive income (loss) attributable to flyExclusive, Inc. | $(46,428) | $5,572 |
*Basic and diluted earnings per share has not been presented for any period in the consolidated statements of operations and comprehensive income (loss). As a result of the Merger (as defined in Note 3, "Merger"), the Company's capital structure was significantly altered. The Company determined that presenting earnings per share for periods prior to the Merger and for the five-day period from the Closing Date to December 31, 2023 would not result in values meaningful to the users of the consolidated financial statements. See Earnings per Share in Note 2, "Summary of Significant Accounting Policies" for further discussion.
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