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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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:
| Year Ended December 31, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Services transferred at a point in time: | ||
| Flights | $308,283 | $303,299 |
| Aircraft Management Services | 1,942 | — |
| Services transferred over time: | ||
| Memberships | 4,005 | 5,458 |
| MRO | 7,166 | 4,606 |
| Fractional ownership purchase price | 5,877 | 1,999 |
| $327,274 | $315,362 | |
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 (less credits issued) 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:
| (in thousands) | Amount |
|---|---|
| Balance as of December 31, 2022 | $60,602 |
| Revenue recognized | (185,908) |
| Revenue deferred | 219,246 |
| Balance as of December 31, 2023 | 93,940 |
| Revenue recognized | (249,770) |
| Revenue deferred | 305,346 |
| Balance as of December 31, 2024 | $149,517 |
The increase in deferred revenue at December 31, 2024 compared to December 31, 2023 is due to increased customer billings for services relating to timing of satisfaction of the Company’s performance obligations.
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