XML 234 R4.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2023
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 27, 2023
Dec. 26, 2023
Dec. 31, 2022
Income Statement [Abstract]                    
Revenue   $ 79,013   $ 100,338 $ 158,985 $ 177,370 $ 315,362     $ 320,042
Costs and expenses                    
Cost of revenue   72,755   65,084 146,989 130,274 264,176     255,441
Selling, general and administrative   21,490   18,554 46,673 34,485 75,430     53,794
Depreciation and amortization   6,682   7,062 13,173 13,477 26,982     23,114
Total costs and expenses   100,855   89,938 208,252 175,371 366,588     332,349
Loss from operations   (21,842)   10,400 (49,267) 1,999 (51,226)     (12,307)
Other income (expense)                    
Interest income   1,162   1,099 2,440 2,193 4,629     782
Interest expense   (5,666)   (5,312) (10,321) (9,927) (22,223)     (8,291)
Gain on forgiveness of CARES Act loan   0   339 0 339 339     0
(Losses) gains on aircraft sold             13,905     15,333
Gain on lease termination         138 29 29     143
Change in fair value of derivative liability   0   (509) 0 107 (14,589)   $ (14,589) 470
Change in fair value of warrant liabilities   (899)   0 (3,679) 0 (334)     0
Gain on extinguishment of debt             14,843     0
Other income (expense)   (609)   (192) (17) (592) (111)     (282)
Total other expense, net   (6,012)   (4,575) (11,577) (7,880) (3,512)     8,155
Loss before income taxes   (27,854)   5,825 (60,844) (5,881) (54,738)     (4,152)
Income tax benefit   0   0 0 0 0     0
Net loss $ 1,287 (27,854)   5,825 (60,844) (5,881) (54,738) $ (56,025) [1]   (4,152)
Less: Net loss attributable to redeemable noncontrolling interests 1,080 (20,501)   0 (42,200) 0 1,080 0   0
Less: Net loss attributable to noncontrolling interests   (2,200)   (1,722) (7,650) (4,259) (8,983)     (10,200)
Net loss attributable to flyExclusive, Inc. 299 (5,153)   7,547 (10,994) (1,622) (46,835) [2] (47,134)   6,048 [2]
Other comprehensive loss                    
Unrealized gains (losses) on available-for-sale debt securities $ 251 (24) $ (169) (73) (192) 17 407 $ 156   (476)
Comprehensive loss attributable to flyExclusive, Inc.   $ (5,177)   $ 7,474 $ (11,186) $ (1,605) $ (46,428)     $ 5,572
[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)
[2] Basic and diluted earnings per share has not been presented for any period in the consolidated statements of operations and comprehensive income (loss). As a result of the Merger (as defined in Note 3, "Merger"), the Company's capital structure was significantly altered. The Company determined that presenting earnings per share for periods prior to the Merger and for the five-day period from the Closing Date to December 31, 2023 would not result in values meaningful to the users of the consolidated financial statements. See Earnings per Share in Note 2, "Summary of Significant Accounting Policies" for further discussion.