FLYEXCLUSIVE INC
For the period ended Mar 31, 2024. Filed Aug 12, 2024.
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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
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| (in thousands, except share amounts) | 2024 | 2023 |
| Revenue | $79,972 | $77,032 |
| Costs and expenses | ||
| Cost of revenue | 74,234 | 65,190 |
| Selling, general and administrative | 25,183 | 15,931 |
| Depreciation and amortization | 6,491 | 6,415 |
| Loss (gain) on aircraft held for sale | 1,489 | (2,103) |
| Total costs and expenses | 107,397 | 85,433 |
| Loss from operations | (27,425) | (8,401) |
| Other income (expense) | ||
| Interest income | 1,278 | 1,094 |
| Interest expense | (4,655) | (4,615) |
| Gain on lease termination | 132 | 29 |
| Change in fair value of derivative liability | — | 616 |
| Change in fair value of warrant liabilities | (2,780) | — |
| Other income (expense) | 460 | (429) |
| Total other expense, net | (5,565) | (3,305) |
| Loss before income taxes | (32,990) | (11,706) |
| Income tax benefit | — | — |
| Net loss | (32,990) | (11,706) |
| Less: Net loss attributable to redeemable noncontrolling interests | (21,699) | — |
| Less: Net loss attributable to noncontrolling interests | (5,450) | (2,537) |
| Net loss attributable to flyExclusive, Inc. | (5,841) | (9,169) |
| Add: Series A Preferred Dividends | (285) | — |
| Net loss attributable to common stockholders | $(6,126) | $(9,169) |
| Basic and Diluted Earnings Per Share* | $(0.35) | |
| Weighted Average Common Shares Outstanding (Basic & Diluted)* | 17,305,720 | |
| Other comprehensive loss | ||
| Net loss attributable to flyExclusive, Inc. | $(5,841) | $(9,169) |
| Unrealized gains (losses) on available-for-sale debt securities | (169) | 90 |
| Comprehensive loss attributable to flyExclusive, Inc. | $(6,010) | $(9,079) |
*Basic and diluted earnings per share has not been presented for the three months ended March 31, 2023 in the condensed consolidated statements of operations and comprehensive 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 Per Share" for further discussion.
Condensed Consolidated Statements of Shareholders' Equity (Deficit) / Members' Equity (Deficit) and Temporary Equity (Unaudited)
| Temporary Equity · Permanent Equity | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands, except share amounts) · Redeemable noncontrolling interest · Series A Preferred stock · Class A Common stock · Class B Common stock · Additional paid-in capital · Accumulated other comprehensive loss · Accumulated deficit · Total flyExclusive stockholders’ equity (deficit) · NoncontrollingInterests · Total stockholders’ equity (deficit) / members' equity | ||||||||||||||||||||
| Shares · Amount · Shares · Amount | ||||||||||||||||||||
| Balances at December 31, 2023 | $(35,525) | $— | 16,647,529 | $2 | 59,930,000 | $6 | $126,978 | $(69) | $(80,456) | $46,461 | $24,394 | $70,855 | ||||||||
| Contributions from non controlling interests | — | — | — | — | — | — | — | — | — | — | 157 | 157 | ||||||||
| Distributions to non controlling interests | — | — | — | — | — | — | — | — | — | — | (2,455) | (2,455) | ||||||||
| Acquisitions of non controlling interests | — | — | — | — | — | — | (1,984) | — | — | (1,984) | (1,434) | (3,418) | ||||||||
| Unrealized gains on available-for-sale securities | — | — | — | — | — | — | — | (169) | — | (169) | — | (169) | ||||||||
| Exchange of warrants for Class A common stock | — | — | 277,447 | — | — | — | 371 | — | — | 371 | — | 371 | ||||||||
| Issuance of Class A common stock upon cashless exercise of warrants | — | — | 967,045 | — | — | 4,302 | — | — | 4,302 | — | 4,302 | |||||||||
| Issuance of Series A Preferred stock | — | 20,361 | — | — | — | — | — | — | — | — | — | — | ||||||||
| Accretion of Redeemable non controlling interest to redemption amount | 192,364 | — | — | — | — | — | (129,667) | — | (62,697) | (192,364) | — | (192,364) | ||||||||
| Dividends payable on Series A Preferred temporary equity | — | 188 | — | — | — | — | — | — | (188) | (188) | — | (188) | ||||||||
| Amortization of discount on Series A Preferred temporary equity | — | 97 | — | — | — | — | (97) | (97) | — | (97) | ||||||||||
| Net Income (loss) | (21,699) | — | — | — | — | — | — | — | (5,841) | (5,841) | (5,450) | (11,291) | ||||||||
| Balances at March 31, 2024 | $135,140 | $20,646 | 17,892,021 | $2 | 59,930,000 | $6 | $— | $(238) | $(149,279) | $(149,509) | $15,212 | $(134,297) | ||||||||
Condensed Consolidated Statements of Shareholders' Equity (Deficit) / Members' Equity (Deficit) and Temporary Equity (Unaudited) (continued)
| Permanent Equity | |||||
|---|---|---|---|---|---|
| (in thousands) | LGM Enterprises, LLC members' deficit | Accumulated other comprehensive loss | Total flyExclusive stockholders’ equity | NoncontrollingInterests | Total stockholders’ equity / members' equity |
| Balances at December 31, 2022 | $(4,641) | $(476) | $(5,117) | $52,534 | $47,417 |
| Contributions from members | 115 | — | 115 | 7,708 | 7,823 |
| Distributions to members | (21,619) | — | (21,619) | (3,073) | (24,692) |
| Other comprehensive income | — | 90 | 90 | — | 90 |
| Net Income (loss)* | (9,169) | — | (9,169) | (2,537) | (11,706) |
| Balances at March 31, 2023 | $(35,314) | $(386) | $(35,700) | $54,632 | $18,932 |
*The Merger occurred on December 27, 2023. During the pre-Merger period, net loss was attributable to LGM Enterprises, LLC and its noncontrolling interests.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.