Flyexclusive Inc (FLYX) 2025 Q2 法說會逐字稿

Greetings, and welcome to the FlyExclusive second-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 FlyExclusive 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce to you, Sloan Bohlen with Investor Relations. Thank you, Sloan. You may begin.

現在我很高興向你們介紹投資者關係部門的 Sloan Bohlen。謝謝你，斯隆。你可以開始了。

Thank you, John. Good afternoon, and thank you for joining FlyExclusive's second-quarter 2025 earnings conference call. Joining me on the call today is Jim Segrave, FlyExclusive' Founder and Chief Executive Officer; and Brad Garner, our Chief Financial Officer.

謝謝你，約翰。下午好，感謝您參加 FlyExclusive 2025 年第二季財報電話會議。今天與我一起參加電話會議的還有 FlyExclusive 的創辦人兼執行長 Jim Segrave 和我們的財務長 Brad Garner。

We announced first quarter -- or sorry, second quarter financial results yesterday after our market close, along with the filing of our Form 10-Q on the quarter ended June 30, 2025. We will be providing certain non-GAAP information during today's discussion.

我們昨天在收盤後公佈了第一季——或者抱歉，是第二季度的財務業績，同時提交了截至 2025 年 6 月 30 日的季度的 10-Q 表。我們將在今天的討論中提供某些非 GAAP 資訊。

Important disclosures about this information and reconciliation of the non-GAAP information to comparable GAAP information is included in our Form 10-Q filed with the SEC and is available on our Investor Relations website. In addition, this discussion might include forward-looking statements.

有關此資訊的重要揭露以及非 GAAP 資訊與可比較 GAAP 資訊的對帳包含在我們向美國證券交易委員會提交的 10-Q 表中，並可在我們的投資者關係網站上查閱。此外，本討論可能包括前瞻性陳述。

Actual results may differ materially from any number -- for any number of reasons, including risk factors described in our annual report on Form 10-K and our quarterly reports on Form 10-Q and in the press release covering forward-looking statements. Rather than rereading this information, we are going to incorporate it by reference in our prepared remarks.

實際結果可能與任何數字有重大差異——原因有很多，包括我們的 10-K 表年度報告和 10-Q 表季度報告以及涵蓋前瞻性陳述的新聞稿中描述的風險因素。我們不會重讀這些訊息，而是將其作為參考納入我們準備好的評論中。

And with that, let me turn over the call to Jim.

說完這些，讓我把電話轉給吉姆。

Thank you, Sloan. I appreciate everyone joining us today. FlyExclusive had another strong quarter, continuing to advance the successful transformation of our company. We have added a supplemental presentation this quarter that provides some visuals to go along with our message. But to summarize all the numbers, what is completely clear is our strategy is delivering results.

謝謝你，斯隆。我感謝今天與我們一起的各位。FlyExclusive 又度過了一個強勁的季度，繼續推進公司的成功轉型。我們在本季度添加了補充演示文稿，其中提供了一些與我們的資訊相符的視覺效果。但總結所有數字，可以很清楚地看出我們的策略正在取得成果。

I'll begin with an update on our fleet modernization, which continues to be a significant driver of our EBITDA improvement. We have reduced our nonperforming aircraft to just 13, down from 37 when we launched the initiative to remove them last year.

我先介紹我們的車隊現代化進展，這仍然是我們 EBITDA 改善的重要驅動力。我們已將不良飛機數量從去年啟動淘汰計畫時的 37 架減少到僅 13 架。

We expect the remaining pool of nonperforming aircraft to be in the mid-single digits by year-end. And to that end, we have already eliminated two more of these aircraft since the end of the second quarter and a third is under contract. On the other side of that equation, we now have five Challenger 350s in operation and we will add the sixth in the next few weeks as it completes the conformity process with the FAA.

我們預計，到年底，剩餘的不良飛機數量將達到個位數左右。為此，自第二季末以來，我們已經淘汰了另外兩架此類飛機，第三架飛機也已簽約。另一方面，我們現在有五架挑戰者 350 投入運營，我們將在未來幾週內添加第六架，因為它將完成與 FAA 的合規流程。

It will contribute to third quarter revenue and gross profit starting later this month. By year-end, we expect FlyExclusive to have a fleet of Challengers in the low double digits. As a reminder, the power of this effort is meaningful for all stakeholders, our fractional owners, our Jet Club members and our shareholders.

它將自本月晚些時候開始為第三季的收入和毛利做出貢獻。到年底，我們預計 FlyExclusive 的挑戰者機隊數量將達到兩位數。提醒一下，這項努力的力量對於所有利害關係人、我們的部分所有者、我們的 Jet Club 會員和我們的股東來說都具有重要意義。

The Challenger provides our fractional owners and Jet Club members with a larger and more reliable jet with more range than the aircraft it is replacing. The members have taken advantage by flying longer leg trips and enjoying the confidence that comes with the increased reliability of the Challenger, which has substantially reduced mechanical disruption.

挑戰者號為我們的分時業主和噴射機俱樂部會員提供了一架比其所取代的飛機更大、更可靠、航程更遠的噴射機。挑戰者號的可靠性大大降低，機械故障也大大減少，會員們充分利用了這一優勢，進行了更長的航程飛行，並享受了挑戰者號帶來的信心。

It is clear from our pipeline of prospective fractional owners that the Challenger 350 has strong demand. As we've noted, the impact of the Challenger is also significant for our financial results. The Challenger has approximately 2.5 times better uptime efficiency compared to the underperforming much older Gulfstream and Citation super mid fleet we've been eliminating and every 1% improvement in our fleet-wide availability equates to approximately $3 million in EBITDA improvement.

從我們的潛在部分所有者管道來看，可以清楚地看出挑戰者 350 的需求強勁。正如我們所指出的，挑戰者號對我們的財務表現也產生了重大影響。與我們一直在淘汰的表現不佳、老舊的灣流和獎狀超中型機隊相比，挑戰者的正常運行時間效率提高了約 2.5 倍，而我們整個機隊的可用性每提高 1%，就相當於 EBITDA 提高約 300 萬美元。

At peak, our underperforming fleet had an annual run rate EBITDA drag near $36 million. That impact is now less than $500,000 per month. Better yet, each Challenger added to the fleet represents annual revenue in the $8 million to $10 million range and at margins that well exceed our fleet average. The fleet refresh has been one of the most impactful strategic priorities for the company.

在巔峰時期，我們表現不佳的車隊的年度運行率 EBITDA 拖累接近 3600 萬美元。目前，這項影響每月不到 50 萬美元。更好的是，加入機隊的每架挑戰者飛機都代表著每年 800 萬至 1000 萬美元的收入，利潤率遠遠超過我們機隊的平均水平。機隊更新一直是該公司最具影響力的策略重點之一。

This has translated to much better utilization, efficiency, reliability and bottom line financial performance. As we view 2024 and 2025 as transformational and evaluate the results of our strategy, we have even stronger conviction and clear momentum that the FlyExclusive of 2026 will be one running much more efficient, reliable and profitable.

這意味著更好的利用率、效率、可靠性和底線財務表現。當我們將 2024 年和 2025 年視為轉型期並評估我們策略的結果時，我們更加堅信並有明確的動力相信 2026 年的 FlyExclusive 將更加高效、可靠和有利可圖。

Let me speak -- now speak to our operating performance in the second quarter. Our charter flight hours grew 12% year-over-year and 7% quarter-over-quarter to 18,605 hours, which speaks to the continued improved efficiency of a fleet that now totals 86 revenue-generating jets, down by design and plan from 96 a year ago and 108 at our peak.

現在讓我談談我們第二季的經營業績。我們的包機飛行小時數年增 12%，環比增長 7%，達到 18,605 小時，這表明機隊的效率持續提高。目前，機隊共有 86 架可創造收入的噴射機，按設計和計劃，比一年前的 96 架和高峰期的 108 架有所下降。

Let me say that another way. We flew 12% more total flight hours as a company with 10% fewer total aircraft comparing 2Q '24 to 2Q '25. We also generated 16% more revenue on 10 fewer jets and 119% more gross profit, an incredible overall performance improvement. Of the flight hours flown during the quarter, our membership hours, which comes from the fractional club and partner programs also increased 32% compared to Q2 2024.

讓我換個說法。與 2024 年第二季相比，2025 年第二季我們公司的總飛行小時數增加了 12%，但飛機總數減少了 10%。我們還以減少了 10 架飛機的成績創造了 16% 的收入，毛利增加了 119%，整體業績得到了令人難以置信的提升。在本季的飛行小時數中，部分俱樂部和合作夥伴計畫的會員小時數與 2024 年第二季相比也增加了 32%。

Strong demand continues for our fractional program. We saw a 21% increase year-over-year in the number of fractional shares sold during the quarter, and our pipeline is stronger than ever. We also believe the clarity on bonus depreciation tax treatment will be a very positive catalyst for activity over the back half of 2025, which is always our strongest sales period historically.

我們的分時計劃需求持續強勁。本季度，零碎股票的銷售數量年增了 21%，我們的銷售管道也比以往更強大。我們也相信，獎金折舊稅務處理的明確性將成為 2025 年下半年活動的非常積極的催化劑，這始終是我們歷史上最強勁的銷售期。

Comparing the second quarter to the same quarter last year, retail members were up 9%, retail sales were up 26% and fractional sales were up 24% Also, as a reminder, while we recognize 100% of the cash from these fractional transactions upfront, only 20% of the revenue under GAAP is recognized per year on our P&L statement over a five-year period.

將第二季與去年同期進行比較，零售會員數量增加了 9%，零售額成長了 26%，部分銷售額成長了 24%。另外，需要提醒的是，雖然我們預先確認了這些部分交易的 100% 現金，但根據 GAAP，在五年期間的損益表中每年僅確認 20% 的收入。

Year-to-date revenue is up 13% compared to this time in 2024, and our gross profit is up 109%. We are extremely happy with this rapid upward trend and of course, the performance we expect over the rest of 2025 based on these results.

與 2024 年同期相比，年初至今的營收成長了 13%，毛利成長了 109%。我們對這種快速上升趨勢感到非常高興，當然，基於這些結果，我們對 2025 年剩餘時間的表現也抱有很高的期望。

Across the 18,605 hours flown in the quarter, we increased effective hourly rates by 3%, while our fuel cost has dropped by 6.6%. This demonstrates continued strength in the demand for private aviation, our pricing power and more specifically, demand for our best-in-class service. Our maintenance and repair organization also grew generating $2.9 billion in revenue, which is up 28% compared to a year ago. This is an acceleration compared to the 18% year-over-year growth we produced last quarter in the MRO.

在本季的 18,605 個飛行小時中，我們的有效小時費率提高了 3%，而燃油成本下降了 6.6%。這表明私人航空的需求、我們的定價能力以及更具體地說，對我們一流服務的需求持續強勁。我們的維護和維修部門也實現了成長，創造了 29 億美元的收入，比一年前成長了 28%。與上個季度 MRO 實現的 18% 同比增長相比，這是一個加速。

We've spoken to it before, but I will reiterate that our vertically integrated strategy is a valuable differentiator, both in terms of expense efficiency, service to our customers and now also through incremental revenue opportunities outside of our fleet. And we have lots more capacity to continue growing this business as well.

我們之前已經談過這個問題，但我要重申的是，我們的垂直整​​合策略是一個寶貴的差異化因素，無論是在費用效率、客戶服務方面，還是現在透過我們機隊之外的增量收入機會方面。而且我們還有更多的能力來繼續發展這項業務。

Moving to our margins and profitability. The second quarter performance was also strong across the board. Our fleet performed well from an operating perspective and the ongoing fleet refresh continued to improve our overall cost efficiency. Additionally, we continue to drive improvement in our corporate overhead.

轉向我們的利潤率和獲利能力。第二季的業績表現也十分強勁。從營運角度來看，我們的機隊表現良好，持續的機隊更新繼續提高我們的整體成本效率。此外，我們持續推動企業管理費用的改善。

SG&A costs declined by nearly $1.2 million compared to the second quarter 2024 and now stands at just 22% of our revenue compared to 27% a year ago. This 5% improvement at our current size approaching $400 million in revenue represents nearly a $20 million cost improvement, and we are not done yet as we expect this ratio to continue to improve as a better positioned and more efficient fleet is realized.

與 2024 年第二季相比，銷售、一般及行政費用 (SG&A) 下降了近 120 萬美元，目前僅占我們收入的 22%，而去年同期為 27%。我們目前的規模接近 4 億美元的收入，這 5% 的成長意味著近 2000 萬美元的成本改善，而且我們還沒有完成，因為我們預計隨著定位更好、更有效率的機隊的實現，這一比率將繼續提高。

One of the primary drivers for the cost efficiency is a reduction in SG&A headcount. Our revenue per SG&A employee also increased to $157,000 per employee, a 29% increase compared to the second quarter 2024. In total, our adjusted EBITDA loss for the quarter improved 67% over last year to $5.2 million. In aggregate dollar terms, that is nearly an $11 million positive swing, which we are proud of and represents the cumulative impact of our overall strategic transformation.

成本效率的主要驅動因素之一是減少銷售、一般和行政費用 (SG&A) 員工數量。我們每位銷售、一般及行政費用 (SG&A) 員工的收入也增加到 157,000 美元，與 2024 年第二季度相比增長了 29%。總體而言，本季調整後的 EBITDA 虧損較去年同期改善了 67%，達到 520 萬美元。以美元總額計算，這幾乎是 1,100 萬美元的正向變動，我們對此感到自豪，這代表了我們整體策略轉型的累積影響。

Lastly, let me touch on our Jet.AI transaction and the Russell 2000. We continue to work through the close process for our Jet.AI merger and expect the transaction to close before the end of the year. This transaction will benefit FlyExclusive through the assumption of cash and assets that will strengthen our balance sheet as well as add customers and additional aircraft. Regarding the Russell 2000 Index, we have eliminated the remaining lockup restrictions. And as a result, we should be included in the index at the end of the third quarter.

最後，讓我談談我們的 Jet.AI 交易和羅素 2000 指數。我們將繼續推動與 Jet.AI 合併的完成流程，預計交易將於年底前完成。這筆交易將使 FlyExclusive 受益，因為它將獲得現金和資產，從而增強我們的資產負債表，並增加客戶和飛機。對於羅素2000指數，我們已取消剩餘的鎖定限制。因此，我們應該在第三季末被納入該指數。

Let me conclude, like I usually do, with a thank you to all our fractional owners, our partners and Jet Club members for trusting us with -- your fly, to our shareholders for believing in our vision and to our employees for making this all possible.

最後，像往常一樣，我要感謝我們所有的部分所有者、合作夥伴和 Jet Club 會員對我們的信任——感謝我們的股東相信我們的願景，感謝我們的員工使這一切成為可能。

Your support and hard work make FlyExclusive a great organization and business that it is. Special thanks to our pilots, technicians, dispatchers, customer service, administrative and sales and marketing teams for another great quarter. It is very rewarding to see the tangible results of your efforts in our financial results.

您的支持和辛勤工作使 FlyExclusive 成為一個偉大的組織和企業。特別感謝我們的飛行員、技術人員、調度員、客戶服務、行政以及銷售和行銷團隊，感謝他們又一個出色的季度。看到你們的努力在我們的財務表現中取得實際成果，我們感到非常欣慰。

With that, I'll turn it over to Brad to walk through the financials.

說完這些，我將把問題交給布拉德來介紹財務狀況。

Thank you, Jim. I'll start by quickly echoing how proud we are of our progress year-to-date. As I said last quarter, it's personally rewarding to see the results of our plan become real and impactful in such a short period of time. We have a great team here at FlyExclusive all across the board, and they're only getting better.

謝謝你，吉姆。首先，我想快速地重複我們對今年迄今為止的進步感到多麼自豪。正如我上個季度所說，看到我們的計劃在如此短的時間內取得切實成果並產生影響，我個人感到非常欣慰。FlyExclusive 擁有一支優秀的團隊，而且他們正在變得越來越好。

With that, let me start with our second quarter financial highlights. FlyExclusive reported Q2 2025 revenues of $91.3 million, an increase of nearly 16% from the $79 million in Q2 2024 and a 4% increase over first quarter of this year.

首先，讓我介紹一下我們第二季的財務亮點。FlyExclusive 報告稱，2025 年第二季的營收為 9,130​​ 萬美元，比 2024 年第二季的 7,900 萬美元成長近 16%，比今年第一季成長 4%。

For the first half of 2025, our revenues grew to over $179 million, an increase of 13% compared to the first six months of last year. The result is even more impressive given our smaller operating fleet as a part of our fleet modernization program. I'd note that the growth we're seeing is increasingly becoming more broad-based.

2025 年上半年，我們的營收成長至超過 1.79 億美元，與去年上半年相比成長了 13%。考慮到我們作為機隊現代化計劃的一部分而運營的機隊規模較小，這一結果更加令人印象深刻。我注意到，我們所看到的成長正變得越來越廣泛。

During the quarter, each piece of our business contributed positively to the top line from wholesale and retail charter, new growth in our fractional ownership and Jet Club membership programs as well as ramping growth from our MRO capability.

在本季度，我們的每項業務都對批發和零售包機的營業收入、部分所有權和 Jet Club 會員計劃的新增長以及 MRO 能力的快速增長做出了積極貢獻。

Our total fractional and Jet Club active membership grew to a combined 1,077 owners and members, a 32% increase year-over-year, highlighting the competitive strength of our programs and offerings and their reception in the marketplace. This increase was an acceleration over our strong growth last quarter. The fractional program drove the increase with a 54% gain in the number of owners. Our Jet Club membership maintained a healthy and steady growth profile, increasing 8% compared to prior year.

我們的分時度假和 Jet Club 活躍會員總數增長至 1,077 名業主和會員，同比增長 32%，凸顯了我們的計劃和產品的競爭實力及其在市場上的受歡迎程度。這一成長比我們上一季的強勁成長有所加速。分時度假計畫推動了業主數量的成長，增加了 54%。我們的 Jet Club 會員數量保持健康穩定的成長態勢，比前一年增加了 8%。

Fractional program activity during the quarter generated $11 million in sales, up 24% compared to prior year, bolstered by our maturing fractional program and clarity around tax policy with the passage of the Big Beautiful Bill.

本季度，部分貸款計畫活動創造了 1,100 萬美元的銷售額，比上年增長 24%，這得益於我們日趨成熟的部分貸款計劃以及《大美麗法案》通過後稅收政策的明確性。

Jet Club new and renewal business topped $26 million in Q2, up 26% year-over-year. We continue to see a positive shift in our revenue mix to the contractually committed longer-term demand of our fractional and Jet Club programs, now representing about 46% of our flight revenue.

Jet Club 新航和續航業務第二季突破 2,600 萬美元，較去年同期成長 26%。我們的收入結構持續發生積極變化，轉向合約承諾的分時度假和 Jet Club 計劃的長期需求，目前約占我們航班收入的 46%。

To underscore it again, our top line growth was impressively achieved while implementing the strategic decision to rationalize our fleet as a part of our modernization initiative. As a result of our execution on the fleet refresh plan, as Jim noted, we operated 10 fewer planes in the period compared to prior year. Flight hours during Q2 2025 were 18,605, up 12% year-over-year from 16,570 hours in Q2 of '24.

再次強調，作為我們現代化計畫的一部分，我們在實施合理化機隊的策略決策的同時，取得了令人印象深刻的營收成長。正如吉姆所指出的，由於我們執行了機隊更新計劃，我們在此期間運營的飛機數量與去年同期相比減少了 10 架。2025 年第二季的飛行時間為 18,605 小時，比 2024 年第二季的 16,570 小時年增 12%。

As we've highlighted in previous quarters, our MRO business is a key differentiator in the competitive marketplace and continues to gain momentum. MRO revenue was up 28% in Q2 to $2.9 million from $2.2 million in second quarter '24 and up 63% from first quarter of this year.

正如我們在前幾個季度所強調的那樣，我們的 MRO 業務是競爭激烈的市場中的關鍵差異化因素，並且繼續保持成長勢頭。第二季 MRO 營收從 2024 年第二季的 220 萬美元成長 28% 至 290 萬美元，比今年第一季成長 63%。

Moving to profitability. The fleet refresh and operational improvements drove gross margin expansion to nearly 15%, roughly double that of last year and a 200 basis point increase over first quarter of this year. With the expansion of the Challenger fleet, coupled with the execution on operational efficiencies, we saw a 400 basis point improvement in dispatch availability during the quarter.

轉向盈利。機隊更新和營運改善推動毛利率擴大至近 15%，大約是去年的兩倍，比今年第一季增加了 200 個基點。隨著挑戰者機隊的擴大，加上營運效率的提高，我們在本季看到調度可用性提高了 400 個基點。

It is clear that we have transformed the FlyExclusive operating model, and we expect the continued progress on the fleet refresh, operational efficiency and cost initiatives to result in sustained margin expansion. Moreover, the ongoing effort to optimize our SG&A footprint continues to drive scale for the company. Our SG&A for the quarter was $20.3 million, a decrease to 22% of sales in Q2 from 27% of sales a year ago. In absolute terms, we saved $1.2 million compared to Q2 of '24.

顯然，我們已經改變了 FlyExclusive 的營運模式，我們預計機隊更新、營運效率和成本計劃的持續進展將帶來利潤率的持續擴大。此外，我們持續努力優化銷售、一般及行政開支，並持續推動公司規模的擴大。本季我們的銷售、一般及行政費用為 2,030 萬美元，佔銷售額的 22%（去年同期為 27%）。從絕對值來看，與 24 年第二季相比，我們節省了 120 萬美元。

Our decisive actions to streamline internal processes and result -- and reduce outside consulting fees, effectively deploy marketing resources and reduced SG&A headcount by 28% resulted in a 6% decrease in SG&A compared to last year.

我們果斷採取行動簡化內部流程，降低外部諮詢費用，有效部署行銷資源，並將銷售、一般及行政費用 (SG&A) 員工人數減少 28%，與去年相比，銷售、一般及行政費用 (SG&A) 下降了 6%。

We expect to see continued scale and improvement in our SG&A relative to our sales as we grow the top line. With combined top line strength and continued expense efficiency, our adjusted EBITDA loss was $5.2 million for second quarter, an improvement of $11 million compared to a year ago and sequential improvement compared to first quarter 2025's adjusted EBITDA loss.

隨著營業收入的成長，我們預期銷售、一般及行政費用相對於銷售額將持續擴大及改善。憑藉強勁的營收和持續的費用效率，我們第二季度的調整後 EBITDA 虧損為 520 萬美元，較去年同期改善 1,100 萬美元，與 2025 年第一季的調整後 EBITDA 虧損相比有所改善。

Year-to-date, our adjusted EBITDA loss improved 67% to $11.6 million. That represents an unprecedented $24 million improvement in adjusted EBITDA over the first six months of 2025 compared to prior year. We have increased conviction that our continued transformation of the business will result in our being able to generate positive adjusted EBITDA by the end of 2025 and put us in a position to compound profitable growth in 2026.

年初至今，我們的調整後 EBITDA 虧損改善了 67%，達到 1,160 萬美元。這意味著 2025 年前六個月的調整後 EBITDA 與去年同期相比實現了前所未有的 2,400 萬美元的成長。我們更加堅信，透過持續的業務轉型，我們將能夠在 2025 年底前實現正的調整後 EBITDA，並能夠在 2026 年實現複合盈利增長。

From our perspective, we have a wide number of profit drivers that are all trending positively and exceeding our base case scenario plans. We continue to onboard additional Challengers with the sixth Challenger being added to the fleet now. And with the reinstitution of 100% bonus depreciation to tax law, we have seen significant momentum in fractional sales and pipeline and accordingly expect the back half of 2025, particularly fourth quarter, to be very strong.

從我們的角度來看，我們擁有大量的利潤驅動因素，它們都呈現正面趨勢，並且超越了我們的基本情境計劃。我們將繼續搭載更多挑戰者飛機，目前第六架挑戰者飛機已加入機隊。隨著稅法中 100% 獎金折舊制度的重新實施，我們看到部分銷售和管道出現了顯著的成長勢頭，因此預計 2025 年下半年，尤其是第四季度，將會非常強勁。

Our Jet Club membership continues to expand with the benefits of our simplified JC-25 contract introduced in early Q2, and we have both the capacity and expertise to continue to drive growth through our MRO. As I noted last quarter, we firmly believe 2025 is and will be a leapfrog year for FlyExclusive.

隨著我們在第二季初推出的簡化 JC-25 合約的優勢，我們的 Jet Club 會員人數不斷擴大，我們有能力和專業知識繼續透過我們的 MRO 推動成長。正如我上個季度所指出的，我們堅信 2025 年對 FlyExclusive 來說將是跨越式發展的一年。

Lastly, I'll conclude with three key updates on FlyExclusive's ongoing effort to improve our liquidity and balance sheet flexibility. First, we announced in Q1 of this year, our merger agreement with Jet.AI. We continue to work through the merger administrative process, having recently filed an amended S-4 and anticipate closing that transaction in the back half of this year. The Jet.AI merger will not only capitalize on our operational synergies with Jet.AI's aviation operations, but also provide growth capital as we continue to execute on our aggressive growth plan.

最後，我將總結 FlyExclusive 為提高流動性和資產負債表靈活性而做出的持續努力的三個重要更新。首先，我們在今年第一季宣布了與Jet.AI的合併協議。我們目前正在推動合併的行政程序，最近提交了修訂後的S-4文件，預計將在今年下半年完成交易。Jet.AI 合併不僅將利用我們與 Jet.AI 航空業務的營運協同效應，而且還將在我們繼續執行積極的成長計畫時提供成長資本。

During the quarter, we filed an S-3 shelf offering, authorizing the company to issue up to $250 million in stock. We are in the process of finalizing an at-the-market sales facility, affording us the benefit of accessing the capital markets.

在本季度，我們提交了 S-3 擱置發行，授權公司發行價值高達 2.5 億美元的股票。我們正在最終確定市場銷售設施，以便我們能夠進入資本市場。

Second, as Jim highlighted, the lockup restriction on EG sponsors, common shares and warrants acquired during the De-SPAC process prevented our inclusion in the Russell indices for the June 30 inclusion date. Effective in July, the company waived the lockup, which we believe now makes the company eligible for consideration for inclusion in the Russell indices.

其次，正如吉姆所強調的，在 De-SPAC 過程中獲得的 EG 發起人、普通股和認股權證的鎖定期限制阻止了我們在 6 月 30 日被納入羅素指數。自 7 月起，該公司放棄了鎖定期，我們認為這已使該公司有資格考慮納入羅素指數。

We believe that inclusion on the Russell 2000 Index would enhance the company's visibility and trading volume, which provide greater liquidity for both the company and its stockholders. This increased market activity would be expected to support the company's capital raising efforts and facilitate access to its ATM sales program.

我們相信，納入羅素 2000 指數將提高公司的知名度和交易量，為公司及其股東提供更大的流動性。預計市場活動的增加將支持該公司的融資努力並促進其 ATM 銷售計劃的實施。

Third, we view the recent increase in our accounts payable balance as a strategic lever, enabling us to navigate a period of significant fleet expansion and operational investment. This allowed us to capitalize on emerging opportunities and sustain momentum in our growth initiatives. As market conditions strengthened and our internal efficiencies accelerate, we are proactively managing payables and expect to return to a normalized level promptly, further reinforcing our disciplined approach to financial stewardship and positioning us for continued success.

第三，我們將近期應付帳款餘額的增加視為一種策略槓桿，使我們能夠度過一段機隊擴張和營運投資大幅成長的時期。這使我們能夠利用新興機會並保持成長勢頭。隨著市場條件的增強和內部效率的提高，我們正在積極管理應付款項，並期望迅速恢復到正常水平，進一步加強我們嚴謹的財務管理方法，並為我們持續取得成功做好準備。

As we conclude, I want to emphasize how far we've come as an organization. Our collective efforts from every department and every individual have propelled us into a new era of growth and capability. By modernizing our fleet, sharpening our operational focus, expanding our market presence and driving efficiencies across the board, we've laid the foundation for lasting success that we'll continue to build upon for the coming quarters and years.

最後，我想強調我們作為一個組織已經取得了多大的進步。我們各個部門和每個人的共同努力推動我們進入了成長和能力的新時代。透過使我們的機隊現代化、加強我們的營運重點、擴大我們的市場佔有率並全面提高效率，我們為持久的成功奠定了基礎，並將在未來幾個季度和幾年繼續在此基礎上再接再厲。

The commitment and collaboration of our entire team has been instrumental in this transformation, and our dedication to safety and delivering exceptional service remains unwavering. While there's still plenty of work ahead, the energy and momentum we've generated gives me great confidence in our trajectory. I'm inspired by what we've already achieved, and I look forward to the opportunities that await us as we continue to set new standards of excellence in the industry.

我們整個團隊的承諾和合作對這一轉變起到了重要作用，我們對安全和提供卓越服務的奉獻精神始終堅定不移。雖然還有很多工作要做，但我們已經產生的能量和動力讓我對我們的發展軌跡充滿信心。我們已經取得的成就讓我深受鼓舞，我期待著我們繼續在業界樹立新的卓越標準時所面臨的機會。

Thank you all for joining, and now I'll turn it back to the operator.

感謝大家的參與，現在我會把話題轉回給接線生。

Thank you, everyone. That does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝大家。今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路。