v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 27, 2023
Cash flows from operating activities:            
Net loss $ 1,287 $ (23,047) $ (32,990) $ (101,495) $ (54,738) $ (56,025)
Adjustments to reconcile net loss to net cash from operating activities:            
Depreciation and amortization   5,933 6,491 24,966 26,982  
Amortization of contract costs   364 275 1,136 827  
Amortization of finance lease right-of-use assets   318 0 743 0  
Non-cash interest income   (634) (768) (2,712) (2,983)  
Non-cash interest expense   1,519 324 1,477 9,949  
Non-cash rent expense   5,574 5,599 21,199 18,278  
(Gain) on lease termination   (38) (132) (133) (29)  
(Gain) loss on aircraft sales and aircraft held for sale   (1,205) 1,489 2,795 (13,905)  
Change in fair value of derivative liability       0 14,589  
Provision for credit losses   62 1,756 2,190 2,557  
Realized (gain) loss on investment securities   (43) 46 59 238  
Change in fair value of warrant liability   (569) 2,780 1,467 334  
(Gain) Loss on extinguishment of debt   4,161 0 0 (14,843)  
Stock-based compensation   1,064 0 753 882  
Gain on forgiveness of CARES Act loan       0 (339)  
Changes in operating assets and liabilities, net of effects from acquisitions:            
Other receivables   (266) (680) (2,680) 465  
Parts and supplies inventory, net   (349) (247) (516) 730  
Prepaid expenses and other current assets   530 (2,081) (123) 344  
Operating lease liabilities   (5,331) (5,738) (21,166) (16,353)  
Other assets   (81) (31) (335) (187)  
Accounts payable   3,296 1,910      
Other current liabilities   (2,394) (5,690) (756) 2,416  
Deferred revenue   (2,170) (666)      
Other non-current liabilities   2,918 2,208 13,630 13,051  
Net cash flows from operating activities   (10,464) (25,965) (10,929) 8,665  
Cash flows from investing activities:            
Capitalized development costs   (23) (165) (492) (802)  
Purchases of property and equipment   (4,098) (38,531) (56,666) (83,636)  
Proceeds from sales of property and equipment and aircraft held for sale   19,198 0 50,776 41,964  
Purchases of engine overhauls   (5,438) (2,705) (24,508) (20,791)  
Finance lease direct initial costs   (381) 0 (385) 0  
Purchases of investments   (15,457) (28,962) (61,878) (103,951)  
Proceeds from sale of investments   72,339 29,310 70,083 105,185  
Notes receivable paydowns       15,201 0  
Proceeds from notes receivable   0 10,986      
Net cash flows from investing activities   66,140 (30,067) (7,869) (62,031)  
Cash flows from financing activities:            
Proceeds from Merger, net of transaction costs       0 8,350  
Proceeds from issuance of debt   314 39,092 71,413 131,840  
Repayment of debt   (67,056) (10,270) (57,743) (56,660)  
Payment of deferred financing costs   0 (1,019) 0 (3,261)  
Payment of debt issuance costs   (373) 0 (849) (1,096)  
Proceeds from notes receivable noncontrolling interest       0 4,181  
Cash contributions from members       0 3,959  
Cash distributions to members [1]       0 (33,662)  
Principal payments from finance leases   (43) 0 (9,048) 0  
Cash contributions - noncontrolling interests   863 157 6,485 9,541  
Cash distributions - noncontrolling interests   (12,125) (2,455) (19,771) (21,379)  
Proceeds from preferred stock issuance, net of issuance costs   5,800 24,250      
Proceeds from preferred temporary equity issuance, net of issuance costs       48,379 0  
Net cash flows from financing activities   (72,621) 49,755 38,866 41,813  
Net increase (decrease) in cash and cash equivalents   (16,945) (6,277) 20,068 (11,553)  
Cash and cash equivalents at beginning of period   31,694 11,626 11,626 23,179 $ 23,179
Cash and cash equivalents at end of period $ 11,626 14,749 5,349 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       0 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       0 83,267  
Conversion of Bridge Notes held by non-affiliates into shares of flyExclusive Class A common stock in connection with the Merger       0 12,236  
Conversion of LGM Common Units to flyExclusive Class B Common Stock in connection with the Merger       0 6  
Initial value of short-term notes payable - related party recognized in connection with the Merger       0 3,947  
Initial public and private placement warrant liabilities recognized in connection with the Merger       0 2,248  
Exchange of public warrants for flyExclusive Class A common stock   0 371 371 82  
Issuance of Class A common stock upon cashless exercise of warrants   0 4,302 4,337 0  
Issuance of penny warrants in connection with Class A Preferred temporary equity issuance   0 3,746      
Increase in dividends payable and accreted discount on Series A Preferred temporary equity   0 285      
Redeemable noncontrolling interest resulting from the Merger       0 42,431  
Change in redemption value of redeemable noncontrolling interest   50,068 192,364 268,423 5,826  
Excise tax payable       156 1,032  
Non-cash transfer of aircraft and related debt [1]       0 6,589  
Payable to underwriter as reimbursement for shares purchased on Closing Date       0 17  
Equity-classified obligation - Amended Underwriting Agreement       0 3,324  
Prepaid expenses assumed in connection with the Merger       0 70  
Accounts payable assumed in connection with the Merger       0 1,092  
Other current liabilities assumed in connection with the Merger       0 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       0 4,528  
Transfers from prepaid engine overhaul to property and equipment   866 5,346 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   (54) 169 13 407  
ROU assets obtained in exchange for operating lease liabilities   7,833 3,571 14,866 48,807  
ROU assets obtained in exchange for finance lease liabilities   14,023 0 16,039 0  
Non-cash exchanges for non-controlling ownership interest   2,190 3,692      
Non-cash exchanges of aircraft ownership interests       0 7,319  
Acquisitions of non-controlling interests       20,734 0  
Non-cash aircraft sale-leaseback transactions       0 23,100  
Transfer of fixed assets and prepaid engine overhauls to held for sale   605 0 42,960 0  
Series A Preferred Stock            
Non-cash investing and financing activities:            
Dividends payable on Temporary Equity   1,007 0 3,259 0  
Series B Preferred stock            
Non-cash investing and financing activities:            
Dividends payable on Temporary Equity   1,182 0 1,233 0  
Fractional Ownership            
Changes in operating assets and liabilities, net of effects from acquisitions:            
Deferred revenue       45,788 33,338  
Guaranteed Revenue Program            
Changes in operating assets and liabilities, net of effects from acquisitions:            
Deferred revenue       0 (37,500)  
Private Placement Warrants            
Adjustments to reconcile net loss to net cash from operating activities:            
Change in fair value of warrant liability   (347) 910 (173) 130  
Public Warrants            
Adjustments to reconcile net loss to net cash from operating activities:            
Change in fair value of warrant liability   (202) 4,202 3,607 204  
Penny Warrants            
Adjustments to reconcile net loss to net cash from operating activities:            
Change in fair value of warrant liability   (20) (2,332) (1,967) 0  
Penny Warrants | Series A Preferred Stock            
Non-cash investing and financing activities:            
Issuance of penny warrants in connection with Series A Preferred Temporary Equity       3,746 0  
Nonrelated Party            
Changes in operating assets and liabilities, net of effects from acquisitions:            
Accounts receivable   (567) 249 (1,175) 13,240  
Accounts payable       4,693 7,680  
Related Party            
Changes in operating assets and liabilities, net of effects from acquisitions:            
Accounts receivable   $ 491 $ (69) (734) 3,714  
Accounts payable       $ 0 $ (72)  
[1] * 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