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Consolidated Statements of Shareholders' Equity (Deficit) / Members' Equity (Deficit) and Temporary Equity - USD ($)
$ in Thousands
Total
Common Class A
Common Class B
Total flyExclusive stockholders’ equity
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 members 24,627     10,078     10,078       14,549
Distributions to members (22,254)     (9,037)     (9,037)       (13,217)
Other 7     7     7        
Net income (loss) (4,650)     5,550     6,048   (498)   (10,200)
Unrealized gains (losses) on available-for-sale debt securities (476)                    
Net income (loss) (4,152)                    
Change in redemption value of redeemable noncontrolling interest 0                    
Excise tax payable 0                    
Ending balance at Dec. 31, 2022 47,417     (5,117)     (4,641)   (476)   52,534
Ending balance at Dec. 31, 2023 (35,525)                    
Permanent Equity                      
Unrealized gains (losses) on available-for-sale debt securities 407                    
Net income (loss) (54,738)                    
Change in redemption value of redeemable noncontrolling interest (5,826)                    
Excise tax payable (1,032)                    
Common stock, outstanding (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 Dec. 31, 2022 0                    
Ending balance at Dec. 27, 2023 (42,431)                    
Beginning balance at Dec. 31, 2022 47,417     (5,117)     (4,641)   (476)   52,534
Permanent Equity                      
Contributions from members 13,500     3,959     3,959       9,541
Distributions to members (61,630)     (40,251)     (40,251)       (21,379)
Aircraft trades 0     7,319     7,319       (7,319)
Unrealized gains (losses) on available-for-sale debt securities 156     156         156    
Net income (loss) [1] (56,025)     (47,134)     $ (47,134)       (8,891)
Change in redemption value of redeemable noncontrolling interest 5,826                    
Net income (loss), December 28, 2023 through December 31, 2023* [1] 1,080                    
Ending balance at Dec. 31, 2023 (35,525)                    
Permanent Equity                      
Unrealized gains (losses) on available-for-sale debt securities 251     251         251    
Net income (loss) 1,287                    
Change in redemption value of redeemable noncontrolling interest (5,826)     (5,826)       (5,826)      
Excise tax payable (1,032)     (1,032)       (1,032)      
Net income (loss), December 28, 2023 through December 31, 2023* [1] 207     299           299 (92)
Common stock, outstanding (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
[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)