XML 241 R11.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Condensed Consolidated Statements of Shareholders' Equity (Deficit) / Members' Equity (Deficit) and Temporary Equity (Unaudited) - USD ($)
$ in Thousands
Total
Series A Preferred stock
Common Class A
Common Class B
Total flyExclusive stockholders’ equity (deficit)
Common Stock
Common Class A
Common Stock
Common Class B
LGM Enterprises, LLC members' deficit
Additional paid-in capital
Accumulated other comprehensive loss
Accumulated deficit
Noncontrolling Interests
Ending balance at Dec. 31, 2022 $ 0                      
Beginning balance at Dec. 31, 2021 49,687       $ (11,715)     $ (11,737)   $ 22   $ 61,402
Permanent Equity                        
Contributions from non controlling interests 24,627       10,078     10,078       14,549
Distributions to non controlling interests (22,254)       (9,037)     (9,037)       (13,217)
Unrealized gains on available-for-sale securities (476)                      
Change in redemption value of redeemable noncontrolling interest 0                      
Net Income (loss) (4,650)       5,550     6,048   (498)   (10,200)
Ending balance (in shares) at Dec. 31, 2022     0 0                
Ending balance at Dec. 31, 2022 47,417       (5,117)     (4,641)   (476)   52,534
Permanent Equity                        
Contributions from non controlling interests 7,823       115     115       7,708
Distributions to non controlling interests (24,692)       (21,619)     (21,619)       (3,073)
Other comprehensive income 90       90         90    
Net Income (loss) (11,706)       (9,169)     (9,169)       (2,537)
Ending balance at Mar. 31, 2023 18,932       (35,700)     (35,314)   (386)   54,632
Beginning balance at Dec. 31, 2022 0                      
Beginning balance (in shares) at Dec. 31, 2022     0 0                
Beginning balance at Dec. 31, 2022 47,417       (5,117)     (4,641)   (476)   52,534
Permanent Equity                        
Unrealized gains on available-for-sale securities 17                      
Change in redemption value of redeemable noncontrolling interest 0                      
Ending balance at Jun. 30, 2023 13,146       (33,729)     (33,270)   (459)   46,875
Beginning balance at Dec. 31, 2022 0                      
Ending balance at Dec. 27, 2023 (42,431)                      
Beginning balance (in shares) at Dec. 31, 2022     0 0                
Beginning balance at Dec. 31, 2022 47,417       (5,117)     (4,641)   (476)   52,534
Permanent Equity                        
Contributions from non controlling interests 13,500       3,959     3,959       9,541
Distributions to non controlling interests (61,630)       (40,251)     (40,251)       (21,379)
Unrealized gains on available-for-sale securities 156       156         156    
Beginning balance at Dec. 31, 2022 0                      
Ending balance at Dec. 31, 2023 (35,525)                      
Temporary equity, ending balance at Dec. 31, 2023   $ 0                    
Beginning balance (in shares) at Dec. 31, 2022     0 0                
Beginning balance at Dec. 31, 2022 47,417       (5,117)     (4,641)   (476)   52,534
Permanent Equity                        
Unrealized gains on available-for-sale securities 407                      
Change in redemption value of redeemable noncontrolling interest (5,826)                      
Ending balance (in shares) at Dec. 31, 2023     16,647,529 59,930,000   16,647,529 59,930,000          
Ending balance at Dec. 31, 2023 70,855       46,461 $ 2 $ 6   $ 126,978 (69) $ (80,456) 24,394
Beginning balance at Mar. 31, 2023 18,932       (35,700)     (35,314)   (386)   54,632
Permanent Equity                        
Contributions from non controlling interests 853       210     210       643
Distributions to non controlling interests (12,391)       (5,713)     (5,713)       (6,678)
Unrealized gains on available-for-sale securities (73)                      
Other comprehensive income (73)       (73)         (73)    
Net Income (loss) 5,825       7,547     7,547       (1,722)
Ending balance at Jun. 30, 2023 13,146       (33,729)     $ (33,270)   (459)   46,875
Beginning balance at Dec. 27, 2023 (42,431)                      
Temporary Equity                        
Accretion of Redeemable non controlling interest to redemption amount 5,826                      
Net Income (loss) [1] 1,080                      
Ending balance at Dec. 31, 2023 (35,525)                      
Temporary equity, ending balance at Dec. 31, 2023   0                    
Permanent Equity                        
Unrealized gains on available-for-sale securities 251       251         251    
Change in redemption value of redeemable noncontrolling interest (5,826)       (5,826)       (5,826)      
Net Income (loss) [1] 207       299           299 (92)
Ending balance (in shares) at Dec. 31, 2023     16,647,529 59,930,000   16,647,529 59,930,000          
Ending balance at Dec. 31, 2023 70,855       46,461 $ 2 $ 6   126,978 (69) (80,456) 24,394
Temporary Equity                        
Issuance of Series A Preferred stock   20,361                    
Accretion of Redeemable non controlling interest to redemption amount 192,364                      
Dividends payable on Series A Preferred temporary equity   (188)                    
Amortization of discount on Series A Preferred temporary equity   97                    
Net Income (loss) (21,699)                      
Ending balance at Mar. 31, 2024 135,140                      
Temporary equity, ending balance at Mar. 31, 2024   20,646                    
Permanent Equity                        
Contributions from non controlling interests 157                     157
Distributions to non controlling interests (2,455)                     (2,455)
Acquisitions of non controlling interests (3,418)       (1,984)       (1,984)     (1,434)
Unrealized gains on available-for-sale securities (169)       (169)         (169)    
Issuance of Class A common stock upon conversion of Bridge Notes (in shares)           277,447            
Exchange of warrants for Class A common stock 371       371       371      
Issuance of Class A common stock upon cashless exercise of warrants (in shares)           967,045            
Issuance of Class A common stock upon cashless exercise of warrants 4,302       4,302       4,302      
Issuance of Series A Preferred stock 0                      
Change in redemption value of redeemable noncontrolling interest (192,364)       (192,364)       (129,667)   (62,697)  
Dividends payable on Series A Preferred temporary equity (188)       (188)           (188)  
Amortization of discount on Series A Preferred temporary equity (97)       (97)           (97)  
Net Income (loss) (11,291)       (5,841)           (5,841) (5,450)
Ending balance (in shares) at Mar. 31, 2024           17,892,021 59,930,000          
Ending balance at Mar. 31, 2024 (134,297)       (149,509) $ 2 $ 6   0 (238) (149,279) 15,212
Beginning balance at Dec. 31, 2023 (35,525)                      
Ending balance at Jun. 30, 2024 108,982                      
Temporary equity, ending balance at Jun. 30, 2024   21,618                    
Beginning balance (in shares) at Dec. 31, 2023     16,647,529 59,930,000   16,647,529 59,930,000          
Beginning balance at Dec. 31, 2023 70,855       46,461 $ 2 $ 6   126,978 (69) (80,456) 24,394
Permanent Equity                        
Unrealized gains on available-for-sale securities (192)                      
Issuance of Class A common stock upon cashless exercise of warrants (in shares)           967,045            
Change in redemption value of redeemable noncontrolling interest (186,707)                      
Ending balance (in shares) at Jun. 30, 2024     17,899,586 59,930,000   17,899,586 59,930,000          
Ending balance at Jun. 30, 2024 (137,380)       (149,705) $ 2 $ 6   0 (262) (149,451) 12,325
Beginning balance at Mar. 31, 2024 135,140                      
Temporary Equity                        
Accretion of Redeemable non controlling interest to redemption amount (5,657)                      
Dividends payable on Series A Preferred temporary equity   (631)                    
Amortization of discount on Series A Preferred temporary equity   341                    
Net Income (loss) (20,501)                      
Ending balance at Jun. 30, 2024 108,982                      
Temporary equity, ending balance at Jun. 30, 2024   $ 21,618                    
Beginning balance (in shares) at Mar. 31, 2024           17,892,021 59,930,000          
Beginning balance at Mar. 31, 2024 (134,297)       (149,509) $ 2 $ 6   0 (238) (149,279) 15,212
Permanent Equity                        
Contributions from non controlling interests 103                     103
Distributions to non controlling interests (3,734)                     (3,734)
Acquisitions of non controlling interests 3,205       261       256   5 2,944
Unrealized gains on available-for-sale securities (24)       (24)         (24)    
Issuance of Class A common stock upon cashless exercise of warrants (in shares)           7,565            
Issuance of Class A common stock upon cashless exercise of warrants 35       35       35      
Change in redemption value of redeemable noncontrolling interest 5,657       5,657       (291)   5,948  
Dividends payable on Series A Preferred temporary equity (631)       (631)           (631)  
Amortization of discount on Series A Preferred temporary equity (341)       (341)           (341)  
Net Income (loss) (7,353)       (5,153)           (5,153) (2,200)
Ending balance (in shares) at Jun. 30, 2024     17,899,586 59,930,000   17,899,586 59,930,000          
Ending balance at Jun. 30, 2024 $ (137,380)       $ (149,705) $ 2 $ 6   $ 0 $ (262) $ (149,451) $ 12,325
[1] The Merger occurred on December 27, 2023. As a result, net loss for the year ended December 31, 2023 was attributed to the pre-Merger period from January 1, 2023 through December 27, 2023 and to the post-Merger period from December 28, 2023 through December 31, 2023. During the pre-Merger period, net loss was attributable to LGM Enterprises, LLC and its noncontrolling interests. During the post-Merger period, net income was attributable to flyExclusive, Inc. and its noncontrolling interests and redeemable noncontrolling interest. Refer to the table below for the attribution of net income (loss) to controlling interests (LGM Enterprises, LLC for the pre-Merger period and flyExclusive, Inc. for the post-Merger period), noncontrolling interests, and redeemable noncontrolling interest during the pre-Merger and post-Merger periods.
(In thousands)Controlling InterestsNoncontrolling
Interests		Redeemable noncontrolling interestTotal
Net loss of LGM Enterprises, LLC attributed to the pre-Merger period from January 1, 2023 through December 27, 2023$(47,134)$(8,891)$— $(56,025)
Net income (loss) of flyExclusive, Inc. attributed to the post-Merger period from December 28, 2023 through December 31, 2023.299 (92)1,080 1,287 
Total net income (loss) for the year ended December 31, 2023$(46,835)$(8,983)$1,080 $(54,738)