FLYEXCLUSIVE INC
For the period ended Mar 31, 2024. Filed Aug 12, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Aug 12, 2024
FLYX$1.11-4.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Three Months EndedMarch 31, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Cash flows from operating activities: | ||
| Net loss | $(32,990) | $(11,706) |
| Adjustments to reconcile net loss to net cash from operating activities: | ||
| Depreciation and amortization | 6,491 | 6,415 |
| Amortization of contract costs | 275 | 155 |
| Non-cash interest income | (768) | (937) |
| Non-cash interest expense | 324 | 2,461 |
| Non-cash rent expense | 5,599 | 3,532 |
| Gain on lease termination | (132) | (29) |
| Loss (Gain) on aircraft held for sale | 1,489 | (2,103) |
| Change in fair value of derivative liability | — | (616) |
| Provision for credit losses | 1,756 | 8 |
| Realized losses on investment securities | 46 | 119 |
| Change in fair value of private placement warrant liability | 910 | — |
| Change in fair value of penny warrant liability | (2,332) | — |
| Change in fair value of public warrant liability | 4,202 | — |
| Changes in operating assets and liabilities, net of effects from acquisitions: | ||
| Accounts receivable | 249 | 2,286 |
| Accounts receivable - related parties | (69) | (1,802) |
| Other receivables | (680) | 1,081 |
| Parts and supplies inventory | (247) | (1,589) |
| Prepaid expenses and other current assets | (2,081) | 592 |
| Operating lease liabilities | (5,738) | (3,082) |
| Other assets | (31) | (40) |
| Accounts payable | 1,910 | (4,647) |
| Other current liabilities | (5,690) | 2,256 |
| Accounts payable - related parties | — | (72) |
| Deferred revenue | (666) | 3,401 |
| Other non-current liabilities | 2,208 | 1,554 |
| Net cash flows from operating activities | (25,965) | (2,763) |
| Cash flows from investing activities: | ||
| Capitalized development costs | (165) | (123) |
| Purchases of property and equipment | (38,531) | (20,733) |
| Proceeds from sales of property and equipment | — | 16,825 |
| Purchases of engine overhauls | (2,705) | (3,123) |
| Purchases of investments | (28,962) | (26,323) |
| Proceeds from sale of investments | 29,310 | 26,739 |
| Notes receivable paydowns | 10,986 | — |
| Net cash flows from investing activities | (30,067) | (6,738) |
Condensed Consolidated Statements of Cash Flows (Unaudited) (continued)
| Three Months EndedMarch 31, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Cash flows from financing activities: | ||
| Proceeds from issuance of debt | 39,092 | 44,447 |
| Repayment of debt | (10,270) | (18,380) |
| Payment of deferred financing costs | (1,019) | (427) |
| Proceeds from notes receivable noncontrolling interest | — | 34 |
| Cash contributions from members | — | 115 |
| Cash distributions to members | — | (21,619) |
| Cash contributions - noncontrolling interests | 157 | 7,708 |
| Cash distributions - noncontrolling interests | (2,455) | (3,073) |
| Proceeds from preferred temporary equity issuance, net of issuance costs | 24,250 | — |
| Net cash flows from financing activities | 49,755 | 8,805 |
| Net decrease in cash and cash equivalents | (6,277) | (696) |
| Cash and cash equivalents at beginning of period | 11,626 | 23,179 |
| Cash and cash equivalents at end of period | $5,349 | $22,483 |
| Supplemental disclosure of cash flow information: | ||
| Non-cash investing and financing activities: | ||
| Exchange of public warrants for flyExclusive Class A common stock | $371 | $— |
| Change in redemption value of redeemable noncontrolling interest | $192,364 | $— |
| flyExclusive Class A common stock issued on cashless exercise of public warrants | $4,302 | $— |
| Issuance of penny warrants in connection with Series A Preferred temporary equity issuance | $3,746 | $— |
| Increase in dividends payable and accreted discount on Series A Preferred Temporary Equity | $285 | $— |
| Transfers from prepaid engine overhaul to property and equipment | $5,346 | $701 |
| Change in purchases of property and equipment in accounts payable | $— | $13 |
| Unrealized change in fair value of available-for-sale securities | $169 | $(90) |
| Right of use asset impact for new leases | $3,571 | $(10,584) |
| Non-cash exchanges of non-controlling ownership interests | $3,692 | $— |
(Amounts in thousands, except per share amounts)
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.