FLYEXCLUSIVE INC.
For the period ended Dec 31, 2024. Filed Mar 24, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 24, 2025
FLYX$1.11-4.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Cash flows from operating activities: | ||
| Net loss | $(101,495) | $(54,738) |
| Adjustments to reconcile net loss to net cash from operating activities: | ||
| Depreciation and amortization | 24,966 | 26,982 |
| Amortization of contract costs | 1,136 | 827 |
| Amortization of finance lease right-of-use assets | 743 | — |
| Non-cash interest income | (2,712) | (2,983) |
| Non-cash interest expense | 1,477 | 9,949 |
| Non-cash rent expense | 21,199 | 18,278 |
| Gain on lease termination | (133) | (29) |
| Loss (Gain) on aircraft held for sale | 2,795 | (13,905) |
| Change in fair value of derivative liability | — | 14,589 |
| Provision for credit losses | 2,190 | 2,557 |
| Realized losses on investment securities | 59 | 238 |
| Change in fair value of private placement warrant liability | (173) | 130 |
| Change in fair value of public warrant liability | 3,607 | 204 |
| Change in fair value of penny warrant liability | (1,967) | — |
| Gain on extinguishment of debt | — | (14,843) |
| Stock-based compensation | 753 | 882 |
| Gain on forgiveness of CARES Act loan | — | (339) |
| Changes in operating assets and liabilities, net of effects from acquisitions: | ||
| Accounts receivable | (1,175) | 13,240 |
| Due from related parties | (734) | 3,714 |
| Other receivables | (2,680) | 465 |
| Parts and supplies inventory, net | (516) | 730 |
| Prepaid expenses and other current assets | (123) | 344 |
| Operating lease liabilities | (21,166) | (16,353) |
| Other assets | (335) | (187) |
| Accounts payable | 4,693 | 7,680 |
| Other current liabilities | (756) | 2,416 |
| Accounts payable - related parties | — | (72) |
| Deferred revenue | 45,788 | 33,338 |
| Customer deposits | — | (37,500) |
| Other non-current liabilities | 13,630 | 13,051 |
| Net cash flows from operating activities | (10,929) | 8,665 |
| Cash flows from investing activities: | ||
| Capitalized development costs | (492) | (802) |
| Purchases of property and equipment | (56,666) | (83,636) |
| Proceeds from sales of property and equipment and aircraft held for sale | 50,776 | 41,964 |
| Purchases of engine overhauls | (24,508) | (20,791) |
Consolidated Statements of Cash Flows (continued)
| Year Ended December 31, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Finance lease direct initial costs | (385) | — |
| Purchases of investments | (61,878) | (103,951) |
| Proceeds from sale of investments | 70,083 | 105,185 |
| Notes receivable paydowns | 15,201 | — |
| Net cash flows from investing activities | (7,869) | (62,031) |
| Cash flows from financing activities: | ||
| Proceeds from Merger, net of transaction costs | — | 8,350 |
| Proceeds from issuance of debt | 71,413 | 131,840 |
| Repayment of debt | (57,743) | (56,660) |
| Payment of deferred financing costs | — | (3,261) |
| Payment of debt issuance costs | (849) | (1,096) |
| Proceeds from notes receivable noncontrolling interest | — | 4,181 |
| Cash contributions from members | — | 3,959 |
| Cash distributions to members* | — | (33,662) |
| Principal payments from finance leases | (9,048) | — |
| Cash contributions - noncontrolling interests | 6,485 | 9,541 |
| Cash distributions - noncontrolling interests | (19,771) | (21,379) |
| Proceeds from preferred temporary equity issuance, net of issuance costs | 48,379 | — |
| Net cash flows from financing activities | 38,866 | 41,813 |
| Net (decrease) increase in cash and cash equivalents | 20,068 | (11,553) |
| Cash and cash equivalents at beginning of period | 11,626 | 23,179 |
| Cash and cash equivalents at end of period | $31,694 | $11,626 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | $19,706 | $12,274 |
| Non-cash investing and financing activities: | ||
| Reclassification of LGM Enterprises, LLC members' deficit to accumulated deficit in connection with the Merger | $— | $80,748 |
| Non-cash directors and officers insurance | $2,032 | $2,518 |
| Conversion of Bridge Notes held by affiliates of EGA Sponsor into shares of flyExclusive Class A common stock in connection with the Merger | $— | $83,267 |
| Conversion of Bridge Notes held by non-affiliates into shares of flyExclusive Class A common stock in connection with the Merger | $— | $12,236 |
| Conversion of LGM Common Units to flyExclusive Class B Common Stock in connection with the Merger | $— | $6 |
| Initial value of short-term notes payable - related party recognized in connection with the Merger | $— | $3,947 |
| Initial public and private placement warrant liabilities recognized in connection with the Merger | $— | $2,248 |
| Exchange of public warrants for flyExclusive Class A common stock | $371 | $82 |
| Issuance of penny warrants in connection with Series A Preferred Temporary Equity | $3,746 | $— |
| Issuance of Class A common stock upon cashless exercise of warrants | $4,337 | $— |
| Dividends payable on Series A Temporary Equity | $3,259 | $— |
| Dividends payable on Series B Temporary Equity | $1,233 | $— |
| Redeemable noncontrolling interest resulting from the Merger | $— | $42,431 |
| Change in redemption value of redeemable noncontrolling interest | $268,423 | $5,826 |
| Excise tax payable | $156 | $1,032 |
| Non-cash transfer of aircraft and related debt* | $— | $6,589 |
| Payable to underwriter as reimbursement for shares purchased on Closing Date | $— | $17 |
| Equity-classified obligation - Amended Underwriting Agreement | $— | $3,324 |
| Prepaid expenses assumed in connection with the Merger | $— | $70 |
| Accounts payable assumed in connection with the Merger | $— | $1,092 |
| Other current liabilities assumed in connection with the Merger | $— | $1,642 |
| Non-cash impact of specific incremental costs directly attributable to the offering of securities in connection with the closing of the Merger as reduction to APIC | $— | $4,528 |
| Transfers from prepaid engine overhaul to property and equipment | $10,764 | $11,409 |
| Change in purchases of property and equipment in accounts payable | $14,570 | $930 |
| Unrealized change in fair value of available-for-sale securities | $13 | $407 |
| ROU assets obtained in exchange for operating lease liabilities | $14,866 | $48,807 |
| ROU assets obtained in exchange for finance lease liabilities | $16,039 | $— |
| Non-cash exchanges of aircraft ownership interests | $— | $7,319 |
Consolidated Statements of Cash Flows (continued)
| Year Ended December 31, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Acquisitions of non-controlling interests | $20,734 | $— |
| Non-cash aircraft sale-leaseback transactions | $— | $23,100 |
| Transfer of fixed assets and prepaid engine overhauls to held for sale | $42,960 | $— |
*Cash distributions to members for the year ended December 31, 2023 excludes the non-cash distribution to members of an aircraft, net of the aircraft's related debt, of $6,589. As such, total cash and non-cash distributions to members totaled $40,429, which consist of the non-cash distributions of $6,589 plus the cash distributions of $33,662
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