FLYEXCLUSIVE INC
For the period ended Sep 30, 2024. Filed Nov 14, 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.
Sep 30, 2024 · Filed Nov 14, 2024
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7. Revenue
- Revenue
Disaggregation of Revenue
The following table disaggregates revenue by service type and the timing of when these services are provided to the member or customer:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Services transferred at a point in time: | ||||
| Flights | $72,853 | $59,100 | $223,357 | $230,146 |
| Aircraft Management Services | 551 | — | 551 | — |
| Services transferred over time: | ||||
| Memberships | 852 | 1,222 | 3,658 | 4,138 |
| MRO | 1,521 | 1,215 | 5,255 | 3,032 |
| Fractional ownership purchase price | 1,146 | 490 | 3,087 | 2,081 |
| $76,923 | $62,027 | $235,908 | $239,397 | |
Transaction Price
The transaction prices for each of the primary revenue streams are as follows:
Jet Club and Charter – Membership fees (less credits issued), and flight related charges based on trips flown
Guaranteed Revenue Program – Fleet minimums with additional charges for flight services over the guarantee
MRO – Time and materials incurred for services performed
Fractional Ownership – The portion of fractional interest purchase price allocated to revenue, and flight related charges based on trips flown
Aircraft Management Services – Fixed monthly management fees charged to third-party aircraft owners
The following tables provide a rollforward of deferred revenue for the nine months ended September 30, 2024:
| Amount | |
|---|---|
| Balance as of December 31, 2023 | $93,940 |
| Revenue recognized | 208,063 |
| Revenue deferred | (201,787) |
| Balance as of September 30, 2024 | $100,216 |
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