FLYEXCLUSIVE INC.
For the period ended Dec 31, 2024. Filed Mar 24, 2025.
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FY2024 · Filed Mar 24, 2025
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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 non-cancelable operating leases, ranging fromtwo tothirty years. As of December 31, 2024 and December 31, 2023, the Company operated 34 and 42 aircraft, respectively, under non-cancelable operating leases ranging from three months toseven 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 which amounted to $15,198 and $12,689 for the years ended December 31, 2024 and 2023, respectively. During the year ended December 31, 2024, the Company negotiated the purchase ofone aircraft under existing operating leases. In October 2024, the Company entered into a non-cancellable finance lease forone aircraft.
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 lease costs for the years ended December 31, 2024 and 2023:
| Year Ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating lease cost | $21,195 | $18,278 |
| Short-term lease cost | 1,685 | 768 |
| Finance lease cost: | ||
| Amortization of right-of-use assets | 743 | — |
| Interest on lease liabilities | 303 | — |
| Total lease costs | $23,926 | $19,046 |
The following table sets forth supplemental cash flow information about operating and finance leases for the years ended December 31, 2024 and 2023:
| Year Ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| ROU assets obtained in exchange for new lease liabilities | ||
| Operating lease liabilities | $14,866 | $48,807 |
| Finance lease liabilities | $16,039 | $— |
Supplemental balance sheet information related to the leases is as follows:
| Year Ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Weighted-average remaining lease term – operating leases | 9.09 years | 8.52 years |
| Weighted-average discount rate – operating leases | 6.87% | 6.54% |
| Weighted-average remaining lease term – finance leases | 4.83 years | 0 years |
| Weighted-average discount rate – finance leases | 8.23% | —% |
The Company’s future lease payments under non-cancellable operating leases as of December 31, 2024 are as follows:
| Fiscal Year | Amount |
|---|---|
| 2025 | $19,739 |
| 2026 | 17,455 |
| 2027 | 12,714 |
| 2028 | 6,451 |
| 2029 | 4,095 |
| Thereafter | 40,226 |
| Total undiscounted cash flows | 100,680 |
| Less: Imputed interest | (30,452) |
| Present value of lease liabilities | $70,228 |
The Company’s future lease payments under finance leases as of December 31, 2024 are as follows:
| Fiscal Year | Amount |
|---|---|
| 2025 | $1,837 |
| 2026 | 2,334 |
| 2027 | 1,890 |
| 2028 | 1,531 |
| 2029 | 788 |
| Thereafter | — |
| Total undiscounted cash flows | 8,380 |
| Less: Imputed interest | (1,390) |
| Present value of lease liabilities | $6,990 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.