FLYEXCLUSIVE INC
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
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Sep 30, 2024 · Filed Nov 14, 2024
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17. Leases
- Leases
The Company’s lease arrangements generally pertain to real estate leases and aircraft. The Company leases real estate including hangars and office space under operating leases, ranging fromtwo tothirty years. As of September 30, 2024 and December 31, 2023, the Company operated 32 and 42 aircraft, respectively, under operating leases ranging from 1 to 6 years for charter flight services. For the Company’s aircraft leases, in addition to the fixed lease payments for the use of the aircraft, the Company is also obligated to pay into aircraft engine reserve programs and additional variable costs which are expensed as incurred and are not included in the measurement of our leases. These payments amounted to $2,401 and $10,640 for the three and nine months ended September 30, 2024, respectively, and $3,772 and $8,481 for the three and nine months ended September 30, 2023, respectively. During the nine months ended September 30, 2023, the Company entered into sale-leaseback transactions fortwo aircraft and recognized an aggregate gain of $501 from the transactions. The sale-leaseback transactions qualified as a sale and the associated assets were removed from Property and equipment, net and recorded as Operating lease right-of-use assets on the Company’s condensed consolidated balance sheets (unaudited).
Vehicle leases typically have month-to-month lease terms and are classified as short-term leases.
The following table sets forth information about the Company’s operating lease costs for the three and nine months ended September 30, 2024 and September 30, 2023:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Operating lease cost | $5,031 | $4,724 | $15,818 | $12,547 |
| Short-term lease cost | 507 | 234 | 1,235 | 457 |
| Total lease costs | $5,538 | $4,958 | $17,053 | $13,004 |
The following table sets forth supplemental cash flow information about the leases for the nine months ended September 30, 2024 and 2023:
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| ROU assets obtained in exchange for new operating lease liabilities | $7,326 | $23,507 |
Supplemental balance sheet information related to the leases is as follows:
| September 30,2024 | December 31,2023 | |
|---|---|---|
| Weighted-average remaining lease term – operating leases | 9.27 years | 8.52 years |
| Weighted-average discount rate – operating leases | 6.71% | 6.54% |
The Company’s future lease payments under operating leases as of September 30, 2024 are as follows:
| Fiscal Year | Amount |
|---|---|
| Remainder of 2024 | $4,896 |
| 2025 | 18,033 |
| 2026 | 16,015 |
| 2027 | 11,314 |
| 2028 | 5,431 |
| Thereafter | 41,356 |
| Total undiscounted cash flows | 97,045 |
| Less: Imputed interest | (29,634) |
| Present value of lease liabilities | $67,411 |
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