Flyexclusive Inc (FLYX) 2025 Q4 法說會逐字稿

(Operator Instructions) As a reminder, this conference call is being recorded. (Operator Instructions)

（操作員說明）提醒各位，本次電話會議正在錄音。（操作說明）

It's now my pleasure to turn the call over to C.J. Neil, Investor Relations. Please go ahead, sir.

現在我很高興將電話轉交給投資人關係部門的 C.J. Neil。請繼續，先生。

Thank you, operator. Good afternoon, and thank you for joining Flyexclusive's fourth quarter and full year 2025 earnings conference call. Joining me on the call today is Jim Segrave, Flyexclusive's Founder and Chief Executive Officer; and Brad Garner, our Chief Financial Officer.

謝謝接線生。下午好，感謝各位參加 Flyexclusive 2025 年第四季及全年財報電話會議。今天和我一起參加電話會議的有 Flyexclusive 的創辦人兼執行長 Jim Segrave，以及我們的財務長 Brad Garner。

We announced fourth quarter and year-end financial results this morning before the market opened, along with the filing of our Form 10-K for the year-end December 31, 2025. We'll be providing certain non-GAAP information during today's discussion. Important disclosures about this information and reconciliation of the non-GAAP information to comparable GAAP information is included in our Form 10-K filed with the SEC and is available on our Investor Relations website. In addition, this discussion might include forward-looking statements. Actual results might differ materially from any number of reasons, including risk factors described in our annual report on Form 10-K and our quarterly reports on Form 10-Q.

今天早上開市前，我們公佈了第四季度和全年財務業績，並提交了截至 2025 年 12 月 31 日的 10-K 表格。在今天的討論中，我們將提供一些非GAAP資訊。有關此資訊的重要揭露以及非GAAP資訊與可比較GAAP資訊的調節表已包含在我們向美國證券交易委員會提交的10-K表格中，並可在我們的投資者關係網站上查閱。此外，本次討論可能包含前瞻性陳述。實際結果可能因多種原因而與預期有重大差異，包括我們在 10-K 表格年度報告和 10-Q 表格季度報告中描述的風險因素。

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.

以及涵蓋前瞻性聲明的新聞稿。我們不會重新閱讀這些訊息，而是會將其作為參考資料納入我們準備好的發言稿中。

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

那麼，現在讓我把電話交給吉姆‧塞格雷夫。

Thank you. Good morning, and thank you for joining us. 2025 was a turning point for Flyexclusive. Over the last two years, we made a deliberate decisions to transform this company, modernizing the fleet, eliminating nonperforming aircraft, restructuring costs and raising our execution standards across the organization. Those decisions were not always easy, but in the fourth quarter, the results validated the strategy.

謝謝。早安，感謝各位的參與。 2025年是Flyexclusive的轉捩點。在過去的兩年裡，我們做出了一系列深思熟慮的決定來改造這家公司，包括更新機隊、淘汰性能不佳的飛機、重組成本以及提高整個組織的執行標準。這些決定並非總是容易的，但第四季的結果驗證了這個策略。

We delivered $105 million in fourth quarter revenue, up 15% year over year. We generated $6.8 million of positive adjusted EBITDA, our first positive quarter since becoming a public company. That milestone matters, but what matters more is how we achieved it. We didn't grow the fleet to get there. We improved the fleet and we executed at a higher level across the board.

我們第四季營收達到 1.05 億美元，年增 15%。我們實現了 680 萬美元的正調整 EBITDA，這是我們上市以來的第一個正季度。這個里程碑固然重要，但更重要的是我們是如何實現它的。我們擴充艦隊並不是為了達到這個目的。我們改進了船隊，並在各個方面都提高了執行水準。

Let me walk through what changed last year. We removed 28 nonperforming aircraft. We added seven highly profitable aircraft. Overall, we flew 13% more flight hours while operating 14% fewer aircraft. Our revenue was up 15% to $376 million for the year.

讓我來回顧去年發生了哪些變化。我們淘汰了28架不合格的飛機。我們新增了七架高獲利飛機。總體而言，我們的飛行小時數增加了 13%，而營運的飛機數量減少了 14%。我們全年的營收成長了15%，達到3.76億美元。

Our gross profit was up 53%. In 2025, we flew over 74,000 flight hours, including over 20,000 in the fourth quarter. We are now the number one charter operator in the United States and the overall number three operator when including fractional Turboprop and management operators. Core fleet utilization increased approximately 23% per aircraft to an average of 73 hours per plane over the full year. And we achieved this performance in the face of all the nonperforming aircraft we have been eliminating.

我們的毛利成長了53%。2025年，我們的飛行時間超過74,000小時，其中第四季超過20,000小時。我們現在是美國排名第一的包機營運商，如果將部分渦輪螺旋槳飛機和管理營運商也包括在內，我們則是排名第三的營運商。核心機隊利用率全年每架飛機提高了約 23%，平均每架飛機飛行時間為 73 小時。而且，我們是在所有淘汰不合格飛機的情況下取得這一成績的。

Dispatch availability improved roughly 7% year over year. And let me remind you that every 1% improvement at our current size translates to $2.5 million per year on our bottom line. To drive this initiative, we put 12 mobile service unit maintenance trucks in place late in 2025 and expect to double this fleet over the next six months. Adjusted EBITDA margin improved nearly 1,500 basis points. This is not a seasonal or cyclical improvement. This is structural improvement. We removed the drag from the system and the system responded.

調度可用性較去年同期成長約 7%。讓我提醒各位，在我們目前的規模下，每提高 1%，每年就能為我們的利潤增加 250 萬美元。為了推進這項計劃，我們在 2025 年底投入使用 12 輛行動服務單位維護車，並預計在未來六個月內將車隊規模擴大一倍。調整後 EBITDA 利潤率提高了近 1500 個基點。這並非季節性或週期性改善。這是結構性改進。我們消除了系統的阻力，系統就有了反應。

SG&A as a percentage of revenue declined approximately 10% generating more than $8 million in annualized savings. Revenue per SG&A employee increased approximately 28%, generating $1.9 million per person and revenue per employee overall increased 15% to $800,000 per person. Contractually committed demand hours from our fractional club and partner programs increased approximately 33%. Again, all on a size -- a fleet size 14% smaller. Operating losses from the nonperforming aircraft fleet declined for more than $3 million per month at the beginning of 2024 to approximately breakeven today. The reset is largely complete, but we are far from done. Now we scale from strength.

銷售、一般及行政費用佔收入的比例下降了約 10%，每年節省超過 800 萬美元。銷售、一般及行政人員人均收入成長約 28%，達到每人 190 萬美元；員工總收入成長 15%，達到每人 80 萬美元。我們分時度假俱樂部和合作夥伴計畫的合約承諾需求小時數增加了約 33%。再次強調，這一切都基於規模——艦隊規模縮小了 14%。2024 年初，不良飛機機隊的營運虧損每月減少超過 300 萬美元，如今已基本達到收支平衡。重置工作已基本完成，但我們遠未結束。現在我們依靠實力來擴大規模。

Before moving forward, I want to recognize our team. We ask this organization to execute with discipline, focus and a willingness to change. They delivered. They didn't just improve results. They changed the trajectory of this company. Every department executed from accounting to flight control, maintenance control, technicians, pilots, sales, services and the management team. The fourth quarter was an example of what great teamwork across the board looks like. I'm incredibly proud of what we have accomplished. I also want to thank our investors for their continued support and trust. We are all focused on delivering results for you and our customers.

在繼續之前，我想對我們的團隊表示感謝。我們要求組織以嚴謹的紀律、專注的態度和變革的意願來執行任務。他們做到了。他們不僅提高了成績。他們改變了這家公司的發展軌跡。從會計到飛行控制、維護控制、技術人員、飛行員、銷售、服務以及管理團隊，每個部門都有效率運作。第四節比賽充分展現了全隊優秀的團隊合作精神。我為我們所取得的成就感到無比自豪。我還要感謝各位投資人的持續支持與信任。我們全心全意致力於為您和我們的客戶帶來成果。

Looking forward, while not providing formal long-term guidance, I want to be clear about our trajectory and future direction. First quarter 2026 will soundly exceed first quarter 2025, but it will not exceed our fourth quarter 2025 results as the fourth quarter is always our strongest quarter, and we executed exceptionally well. But as we look forward quarter by quarter, we expect every quarter of 2026 to meaningfully outperform the corresponding quarter of 2025. And to put a little historical context on this, over the last eight quarters, we have improved our profitability every quarter by an average of $3.7 million per quarter. That is the trajectory we are on.

展望未來，雖然我不會提供正式的長期指導，但我希望能明確我們的發展軌跡和未來方向。2026 年第一季的業績將遠超 2025 年第一季度，但不會超過 2025 年第四季度的業績，因為第四季度一直是我們業績最好的季度，而且我們執行得非常出色。但展望未來，我們預計 2026 年的每個季度都將顯著優於 2025 年的相應季度。為了更好地理解這一現象，我們不妨回顧一下過去八個季度的情況：我們的獲利能力每季平均提高了 370 萬美元。這就是我們目前的發展軌跡。

We are continuing to execute and with the drag of the nonperforming fleet behind us, fully expect to grow the number of aircraft, flight hours and improve every financial performance metric in 2026 just like we did in 2025.

我們將繼續執行計劃，隨著業績不佳的機隊的淘汰，我們完全有信心在 2026 年實現飛機數量、飛行小時數的增長，並像 2025 年一樣改善每項財務業績指標。

Let me ground these expectations in some numbers. In the first quarter of 2025, adjusted EBITDA was a negative $12.5 million and management adjusted EBITDA was a negative $6.4 million. Today, more than two-third of the way through the first quarter of 2026, we believe it's appropriate to provide some directional commentary. Based on the current performance trends, we expect to reduce our first quarter 2026 loss by approximately 50% compared to the first quarter of 2025 continuing the positive trajectory we have been delivering over the last two years. This improvement reflects structural change, improved fleet economics, higher utilization, lower SG&A and stronger demand from every revenue channel. We expect to improve our dispatch reliability another 10% in 2026, which will translate to another $25 million in annualized bottom line performance improvement.

讓我用一些數字來說明這些預期。2025 年第一季度，調整後 EBITDA 為負 1,250 萬美元，管理層調整後 EBITDA 為負 640 萬美元。今天，2026 年第一季已經過去三分之二多了，我們認為現在是時候給出一些方向性評論了。根據目前的業績趨勢，我們預計 2026 年第一季的虧損將比 2025 年第一季減少約 50%，延續過去兩年來的良好發展勢頭。這項改善反映了結構性變化、車隊經濟效益的提高、利用率的提高、銷售、管理及行政費用的降低以及各個收入管道需求的增強。我們預計到 2026 年，我們的調度可靠性將再提高 10%，這將轉化為每年 2,500 萬美元的利潤成長。

We expect to increase our revenue per SG&A employee more than 15% to well more than $2 million per employee in 2026. This is not formal guidance. It's simply transparency around our trajectory and our momentum, and the momentum is clearly moving in the right direction. With the fleet reset largely complete, we are focused on disciplined growth. The government shut down late last year that delayed our plan to reach 10 challenger aircraft by year-end 2025.

我們預計到 2026 年，每位銷售、管理及行政員工的收入將成長超過 15%，達到每位員工 200 萬美元以上。這並非正式指導意見。這只是讓我們的發展軌跡和勢頭更加透明，而這種勢頭顯然正朝著正確的方向發展。隨著艦隊重組基本完成，我們將專注於穩健成長。去年底政府停擺，導致我們原計劃在 2025 年底前達到 10 架挑戰者飛機的目標被推遲。

But since then, aircraft eight and nine were added in January and aircraft 10 just arrived 10 days ago. In 2026, we expect to add approximately 20 CJ3, XLS and Challenger aircraft. With these additions, the average age of our fleet will continue to reduce in age. And utilization, along with dispatch reliability will continue to increase with these more reliable aircraft.

但自那以後，1 月又增加了 8 號和 9 號飛機，10 號飛機 10 天前剛抵達。預計到 2026 年，我們將新增約 20 架 CJ3、XLS 和 Challenger 飛機。隨著這些新成員的加入，我們船隊的平均船齡將繼續降低。隨著這些更可靠的飛機投入使用，飛機的利用率和出勤可靠性將繼續提高。

Economics will also continue improving. We expect flight hours to grow again by more than 15% in 2026 and reached an annualized run rate of more than 100,000 hours by year-end. Today, Flyexclusive is the number one jet charter operator in the United States based on hours flown and the third largest overall, and we fully expect to continue our growth going forward. In Q4, we closed the first half of the Volato transaction acquiring their aircraft sales division for $2.1 million. That acquisition contributed approximately $5.7 million in bottom line improvement.

經濟情勢也將持續好轉。我們預計 2026 年飛行小時數將再次成長超過 15%，到年底將達到年化運行率超過 10 萬小時。如今，Flyexclusive 是美國飛行小時數排名第一的公務機包機營運商，也是整體排名第三的營運商，我們完全有信心在未來繼續保持成長。第四季度，我們完成了 Volato 交易的第一部分，以 210 萬美元收購了他們的飛機銷售部門。此次收購為該公司帶來了約 570 萬美元的利潤成長。

Before the end of Q2 2026, we expect to close the second half of the Volato transaction. This second half brings the scheduling and optimization software platform they internally called Mission Control into Flyexclusive as well as the cash flow positive empty leg program.

我們預計將在 2026 年第二季末之前完成 Volato 交易的後半部分。下半年，他們將內部稱為「任務控制」的調度和優化軟體平台以及現金流為正的空航段計劃引入 Flyexclusive。

Mission Control is an aircraft charter, operator-focused, scheduling and optimization platform designed specifically for operations like ours. It includes an optimization engine, along with AI scheduling, closing and workflows that will substantially improve operations and profitability as it is fully implemented in the coming months. Vaunt is a subscription-based software service that provides access to empty leg. This business was launched less than two years ago by Volato and has been rapidly expanding its client base. We expect immediate contribution from this part of the acquisition as soon as it is closed in the coming months.

Mission Control 是一個以飛機包機營運商為中心的調度和優化平台，專為像我們這樣的營運而設計。它包含一個優化引擎，以及人工智慧調度、結算和工作流程，隨著未來幾個月的全面實施，將大幅提高營運效率和獲利能力。Vaunt 是一項基於訂​​閱的軟體服務，提供對空腿的存取權限。這家公司由 Volato 在不到兩年前創立，客戶群一直在迅速擴大。我們預計，一旦收購工作在未來幾個月內完成，該部分收購將立即產生效益。

But the big news around this second half of the transaction as we plan to make the scheduling and optimization system available to all operators, and we intend to offer this access at no cost. The value for us is not selling scheduling software. The value is improving network efficiency.

但這筆交易的後半部分最大的新聞是，我們計劃向所有運營商提供調度和優化系統，並且我們打算免費提供這項服務。對我們來說，價值不在於銷售排班軟體。其價值在於提高網路效率。

If operators can securely share aircraft availability without sharing or compromising customer identities or proprietary data, we believe the entire industry can find demand, source lifts when needed and execute their flights more efficiently. For Flyexclusive, this means we can sell more flights and deliver a more optimized schedule with confidence, especially with the ability to source internally and externally more effectively. We also received over 500 trip requests every day, over half of which we are unable to sell and source. This software will allow us to fill more of these requests potentially generating substantial additional revenue. As we continue to develop this system, we will leverage our operational expertise and deep experience in this business to deliver the best scheduling system in the space.

如果營運商能夠在不洩漏或損害客戶身分或專有資料的情況下安全地共享飛機可用性，我們相信整個產業就能發現需求，在需要時找到運力，並更有效率地執行航班。對於 Flyexclusive 而言，這意味著我們可以更有信心地銷售更多航班並提供更優化的航班時刻表，尤其是在能夠更有效地進行內部和外部採購的情況下。我們每天還會收到 500 多個旅行請求，其中超過一半我們無法售出或找到合適的旅行目的地。這款軟體將使我們能夠滿足更多此類請求，並有可能產生可觀的額外收入。隨著我們不斷完善這套系統，我們將利用我們在該領域的營運專長和深厚經驗，打造業界最佳的排班系統。

And just for clarification, this is not a long-term goal. We expect to execute on this over the coming months. In fact, we are working hard to be able to show the beta version of the system at the NBAA Schedulers & Dispatchers convention later this month. To summarize, this will increase our sales, improve the customer experience, improve our utilization and optimize our schedule. And it will do this for any operator who wants to eliminate their scheduling software costs. The push into the technology space, fully leveraging AI and our operational experience has the potential to be a game changer for Flyexclusive.

需要澄清的是，這並非長期目標。我們預計將在未來幾個月內執行這項計劃。事實上，我們正​​在努力爭取在本月稍後舉行的 NBAA 調度員大會上展示該系統的測試版。總而言之，這將提高我們的銷售額，改善客戶體驗，提高我們的利用率，並優化我們的日程安排。對於任何想要消除排班軟體成本的營運商來說，它都能做到這一點。進軍科技領域，充分利用人工智慧和我們的營運經驗，有可能改變 Flyexclusive 的格局。

Now on to our balance sheet and capital planning for growth. Our ATM is now fully in place, and we have now exceeded the baby shelf restriction that requires a minimum $75 million of public float market cap, this gives us flexibility to support future growth while continuing to reduce debt, both of which we expect to deliver in 2026.

接下來我們來看看資產負債表和成長所需的資本規劃。我們的 ATM 系統現已全面到位，並且我們已經超過了嬰兒貨架限制（該限制要求至少 7500 萬美元的公開流通市值），這使我們能夠靈活地支持未來的增長，同時繼續減少債務，我們預計這兩點都將在 2026 年實現。

Speaking of debt, we reduced our long-term debt in 2025 by approximately 36%, representing an $84 million reduction while maintaining our year-end cash position compared to 2024. In 2026, we expect to add approximately 20 aircraft to our fleet to continue reducing debt, deliver full year EBITDA profitability, increase cash and improve liquidity and at the same time, reduced fleet age. In the first quarter of 2026, we have already removed three additional nonperforming aircraft and have a few remaining operating at breakeven. We have added another Challenger 350.

說到債務，我們在 2025 年將長期債務減少了約 36%，相當於減少了 8,400 萬美元，同時保持了與 2024 年相比的年末現金狀況。2026 年，我們預計將為機隊增加約 20 架飛機，以繼續減少債務，實現全年 EBITDA 盈利，增加現金並改善流動性，同時降低機隊機齡。2026 年第一季度，我們已經淘汰了三架營運不善的飛機，目前還有幾架飛機在盈虧平衡點上運作。我們又添置了一台 Challenger 350。

We will close on another XLS plus later this month for our fractional program and we have already reduced our debt an additional $10 million between short-term and long-term elimination. Growth and discipline can coexist, and we are proving that.

本月晚些時候，我們將完成另一筆 XLS Plus 交易，用於我們的部分產權計劃。此外，我們已經透過短期和長期債務消除，額外減少了 1000 萬美元的債務。成長與自律可以並存，我們正在證明這一點。

On the connectivity front, by year-end, we expect every aircraft in our fleet will have high-speed Internet installed with the majority of them being the Starlink system. High-speed connectivity has become one of the most requested capabilities in private aviation. We believe this will create pricing power, increased demand for our products and drive incremental work across our maintenance, avionics, paint and interior businesses. Few operators can deliver this vertically integrated solution, we can. In fact, we just finished our first Starlink installation in just nine days a week ago, and the pipeline of customers already exceeds the speed at which we can acquire the hardware.

在網路連接方面，我們預計到今年年底，我們機隊中的每架飛機都將安裝高速互聯網，其中大部分將採用星鏈系統。高速連線已成為私人航空領域最受需求的功能之一。我們相信這將創造定價權，增加對我們產品的需求，並推動我們在維護、航空電子設備、油漆和內飾業務方面的業務成長。很少有營運商能夠提供這種垂直整合的解決方案，而我們可以。事實上，就在一周前，我們僅用了九天就完成了第一個星鏈安裝項目，而客戶數量已經超過了我們獲取硬體的速度。

Starlink has built an incredible system that customers now expect in their aircraft, and we are excited to now be a dealer for this product. 2025 proved our business plan and model works. 2026 is about compounding that progress. We are excited about the trajectory, but we are far from done. Execution remains critical, discipline remains nonnegotiable. The momentum is real. Now we scale it.

Starlink打造了一套卓越的系統，如今客戶都期望在他們的飛機上配備該系統，我們很高興能成為該產品的經銷商。 2025年證明了我們的商業計劃和模式是行之有效的。 2026年，我們將致力於在此基礎上再創佳績。我們對目前的發展軌跡感到興奮，但我們遠遠沒有完成目標。執行力至關重要，紀律不容妥協。這股勢頭是真實存在的。現在我們來擴大規模。

And now I'll turn the call over to Brad.

現在我把電話交給布拉德。

Thank you. I'll begin by reinforcing Jim's comments that the fourth quarter and full year 2025 represented another decisive and positive step in the transformation of Flyexclusive. What we're now seeing is not episodic improvement. It's the result of intentional structural change. The fleet modernization is being executed. The cost base is being rightsized. The revenue mix is improving in quality and the operating leverage in our model is increasingly evident. The progress we delivered in 2025 reinforces our belief that the trajectory of this business is sustainable and accelerating.

謝謝。首先，我要重申吉姆的觀點，即 2025 年第四季和全年標誌著 Flyexclusive 轉型過程中又邁出了決定性的積極一步。我們現在看到的並非零星的改善。這是有意進行結構性變革的結果。艦隊現代化改造正在進行中。成本結構正在進行合理調整。收入結構品質正在提高，我們模式中的經營槓桿作用也越來越明顯。我們在 2025 年的進展鞏固了我們對該業務發展軌跡可持續且不斷加速的信念。

With that, let me begin my review of the summary financials for the fourth quarter and full year. Revenue for the fourth quarter totaled $104.3 million, which is a 14% increase over Q4 of 2024. For the full year of 2025, revenue expanded 15% to $375.9 million. Importantly, and largely as a result of removing nonperforming aircraft during 2025, we delivered this growth with a fleet that is 14% smaller than it was a year ago. This is proof that the quality of our fleet and the leverage in our model are both improving and real.

接下來，我將開始對第四季和全年的財務狀況進行簡要回顧。第四季營收總計 1.043 億美元，比 2024 年第四季成長 14%。2025 年全年，營收成長 15%，達到 3.759 億美元。重要的是，這主要得益於我們在 2025 年淘汰了表現不佳的飛機，因此我們實現了這一增長，而機隊規模比一年前縮小了 14%。這證明我們車隊的品質和我們模式的優勢都在不斷提高，而且是真實存在的。

Revenue growth was strong and broad-based across each charter, fractional and MRO. Charter flight revenue topped $98 million in Q4 of 2025, an increase of 13% year over year. Flight hours for the fourth quarter also increased 13% to approximately 20,400 as compared to the same period in the prior year.

包機、部分租賃和MRO業務的收入成長強勁且全面。2025年第四季包機營收超過9,800萬美元，較去年同期成長13%。與去年同期相比，第四季的飛行小時數也增加了 13%，達到約 20,400 小時。

For the full year, flight hours increased 12% to nearly 75,000 hours, which, as Jim referenced, places us as the third largest private operator in the United States. As we've highlighted historically, we have intentionally focused on slowly shifting our revenue mix towards contractually committed demand. For the full year of 2025, our fractional and Jet Club programs increased approximately 33% year over year. Members contributing to revenue in 2025 were approximately $1,300, an increase of 9% compared to '24. This continued product mix shift towards recurring contracted programs enhances predictability, improves pricing durability and stabilizes margins.

全年飛行小時數增加了 12%，達到近 75,000 小時，正如吉姆所提到的，這使我們成為美國第三大私人營運商。正如我們過去所強調的，我們一直有意識地專注於逐步將收入結構轉向合約承諾的需求。2025 年全年，我們的部分所有權和私人飛機俱樂部計劃年增約 33%。2025 年會員貢獻的收入約為 1300 美元，比 2024 年增長了 9%。產品組合持續向週期性合約專案轉變，提高了可預測性，增強了價格穩定性，穩定了利潤率。

Our wholesale business, which is and will continue to be foundational to maximizing our fleet utilization grew to $185.5 million in full year of '25, an increase of 7% compared to the prior year. As we transition in 2026 to a fleet growth mode, with younger, more efficient aircraft, we will continue to optimize both our retail and wholesale channels to maximize productivity and margin per aircraft. Fractional revenue driven by the expanding fractional offerings of our Challenger fleet additions, the popular CJ3 and XLS inventory and the reinstatement of bonus depreciation, drove a 21% increase compared to fourth quarter of 2024. For the full year, fractional sales revenue increased nearly 56% compared to prior year. With the addition of challengers to the fractional fleet, fractional share sales increased 26% compared to the prior year generating approximately $60 million in fractional retail sales.

我們的批發業務一直是並將繼續是我們最大限度地利用車隊的基礎，2025 年全年增長至 1.855 億美元，比上一年增長了 7%。隨著我們在 2026 年過渡到機隊成長模式，擁有更年輕、更有效率的飛機，我們將繼續優化我們的零售和批發管道，以最大限度地提高每架飛機的生產力和利潤率。受 Challenger 車隊新增車輛的租賃業務不斷拓展、廣受歡迎的 CJ3 和 XLS 庫存以及恢復額外折舊等因素推動，租賃收入較 2024 年第四季度增長了 21%。全年來看，零散銷售收入比上年增加了近 56%。隨著挑戰者加入部分產權船隊，部分產權份額銷售額比上一年增長了 26%，產生了約 6000 萬美元的部分產權零售額。

Finally, for the fourth quarter of 2025, our MRO reported external revenue of approximately $2.9 million, up 52% from fourth quarter of 2024. For the full year, the MRO reported an increase of 48% compared to prior year. With the world-class capabilities of our in-house MRO operation spanning from paint to interiors to maintenance and avionics, which is especially enhanced by our recent Starlink authorized dealership announcement, we expect aggressive continued growth in 2026 for our MRO.

最後，2025 年第四季度，我們的 MRO 報告外部收入約為 290 萬美元，比 2024 年第四季成長了 52%。MRO報告稱，全年業績比上年增長48%。憑藉我們世界一流的內部 MRO 營運能力，涵蓋從噴漆到內裝到維修和航空電子設備，尤其是在我們最近宣布成為 Starlink 授權經銷商後，我們預計 2026 年我們的 MRO 業務將持續強勁成長。

Turning to profitability. Gross margin for the fourth quarter of 2025 was 18% and for the full year was 15%, a 32% increase compared to full year 2024. This margin expansion reflects an improved fleet mix, higher utilization, increased dispatch availability and disciplined cost control. Sequentially, margins improved each quarter, signaling a structural trend. We expect our operating leverage to continue to expand as we complete the disposal of the remaining nonperforming aircraft by the end of 2026, and we add more profitable CJ3s, XLSs and challengers to the fleet.

轉向盈利。2025 年第四季毛利率為 18%，全年毛利率為 15%，較 2024 年全年成長 32%。利潤率的提升反映了車隊結構的改善、利用率的提高、調度可用性的增強以及嚴格的成本控制。利潤率逐季提高，呈現結構性趨勢。我們預計，隨著我們在 2026 年底前完成剩餘不良飛機的處置，以及我們向機隊增加更多盈利能力強的 CJ3、XLS 和挑戰者飛機，我們的經營槓桿將繼續擴大。

As I've highlighted each quarter, we continue to drive meaningful scale in our cost structure. SG&A declined to 21% of revenue in the fourth quarter, a 616 basis point reduction compared to fourth quarter of 2024. For the full year, SG&A as a percentage of revenue declined to 22%, a nearly 600 basis point reduction and roughly $9 million in annual savings. We expect that the SG&A base will remain stable throughout 2026 and that SG&A as a percentage of revenue will continue to tighten as our revenue and top line accelerates.

正如我每個季度都強調的那樣，我們將繼續在成本結構中實現有意義的規模化。第四季銷售、一般及行政費用佔收入的比例下降至 21%，與 2024 年第四季相比下降了 616 個基點。全年來看，銷售、一般及行政費用佔收入的比例下降至 22%，減少了近 600 個基點，每年節省了約 900 萬美元。我們預計 2026 年全年銷售、一般及行政費用基數將保持穩定，隨著收入和營業額的增長，銷售、一般及行政費用佔收入的百分比將繼續收窄。

The fourth quarter was momental monumental for Flyexclusive as it marked the first quarter with positive adjusted EBITDA of $6.6 million, representing an adjusted EBITDA margin of 6%. Compared to the fourth quarter of 2024, we reported an improvement on a gross basis of over $13 million. As Jim mentioned, our strategic acquisition of Volato's aircraft sales division generated a Q4 profit of approximately $5.7 million. But even without that addition, Flyexclusive generated positive adjusted EBITDA in Q4 from our normal operations. That tells the powerful story of the structural transformation of our operations.

第四季對 Flyexclusive 而言意義非凡，因為這是該公司第一個實現正調整 EBITDA 的季度，調整後 EBITDA 為 660 萬美元，調整後 EBITDA 利潤率為 6%。與 2024 年第四季相比，我們報告毛利成長超過 1,300 萬美元。正如吉姆所提到的，我們對 Volato 飛機銷售部門的策略性收購在第四季度產生了約 570 萬美元的利潤。即使沒有這筆額外收入，Flyexclusive 在第四季度也從正常營運中實現了正的調整後 EBITDA。這有力地講述了我們營運結構轉型的故事。

For the full year, adjusted EBITDA improved over $49 million, narrowing the loss to just $7 million. Adjusted EBITDA margin for the full year improved 1,531 basis points compared to 2024. A transformation of this magnitude is not the result of a single lever but rather the compounding effect of sustainable and sequential gains across growing customer demand, revenue mix, fleet modernization, aircraft utilization, cost discipline and operational efficiency. The trajectory is clear and durable.

全年調整後 EBITDA 改善超過 4,900 萬美元，虧損收窄至僅 700 萬美元。全年調整後 EBITDA 利潤率比 2024 年提高了 1531 個基點。如此巨大的轉變並非單一因素作用的結果，而是客戶需求成長、收入結構改善、機隊現代化、飛機利用率提高、成本控制和營運效率提升等方面持續穩定成長的累積效應的結果。軌跡清晰且穩定。

Lastly, I'll conclude with several key updates on Flyexclusive's ongoing effort to improve our liquidity and balance sheet flexibility. During 2025, we made significant progress on reducing our leverage. As Jim highlighted, we reduced our long-term notes payable by approximately $84 million, a 36% reduction year-over-year. Importantly, cash on hand increased despite this debt reduction, reflecting improved operating performance and disciplined cost management. In January, we utilized our shelf and raised $15 million in an offering at $6.65 per share.

最後，我將重點介紹 Flyexclusive 在提高流動性和資產負債表靈活性方面所做的持續努力的幾個重要進展。2025年，我們在降低槓桿率方面取得了顯著進展。正如吉姆所強調的，我們將長期應付票據減少了約 8,400 萬美元，比去年同期減少了 36%。重要的是，儘管債務減少，但現金儲備卻增加，這反映出營運績效的改善和嚴格的成本管理。1月份，我們利用自有資金，以每股6.65美元的價格發行股票，籌集了1,500萬美元。

Additionally, as Jim mentioned, our ATM is now fully operational. As we've highlighted in previous quarters, we have a merger agreement with Jet.AI that will not only provide operational synergies with the acquisition of their aviation operations, but will provide capital for growth and delevering of our balance sheet.

此外，正如吉姆所提到的，我們的自動櫃員機現在已經全面投入使用。正如我們在前幾個季度所強調的，我們與 Jet.AI 達成了一項合併協議，該協議不僅將透過收購其航空業務帶來營運協同效應，還將為我們的資產負債表增長和去槓桿化提供資金。

We've extended the outside date for the completion of that merger agreement, which was delayed in part due to the government shutdown. We expect the deal to go to a Jet.AI shareholder vote shortly and close in early Q2 2026. We also anticipate that we'll close the second tranche of the Volato acquisition, as Jim mentioned. which grants us the right to acquire the high-growth technology platform, including Vaunt, a subscription-based experiential travel app, providing access to empty legs and Mission Control and AI-enabled flight management private aviation operation software.

我們延長了該合併協議的完成期限，該協議的延誤部分原因是由於政府停擺。我們預計該交易將很快提交 Jet.AI 股東投票表決，並於 2026 年第二季初完成。正如吉姆所提到的那樣，我們也預計將完成對 Volato 收購的第二階段，這將使我們有權收購這個高增長的技術平台，其中包括 Vaunt（一款基於訂閱的體驗式旅行應用程序，提供空置航段的訪問權限）以及 Mission Control 和 AI 賦能的私人航空運營軟體。

We believe the acquisition of these assets and the IP related will enable Flyexclusive to strengthen our vertical integration strategy and position us as a technological leader in the space. As we enter 2026, we expect to strengthen liquidity and provide additional flexibility to support our fleet growth and balance sheet optimization. Our capital structure today is materially stronger than it was just a year ago, lower leverage, greater flexibility and improved access to capital markets. All of which positions us to accelerate and build upon the transformation that we accomplished in 2025.

我們相信，收購這些資產及相關智慧財產權將使 Flyexclusive 能夠加強我們的垂直整​​合策略，並將我們定位為該領域的技術領導者。進入 2026 年，我們預計將增強流動性，並提供更大的靈活性，以支持我們的機隊成長和資產負債表優化。我們目前的資本結構比一年前穩健得多，槓桿率更低，彈性更高，進入資本市場的管道也更暢通。所有這些都使我們能夠加速並鞏固我們在 2025 年所取得的轉型成果。

As I close, I'd like to underscore those accomplishments. Over the past two years, we made difficult decisions, rationalizing the fleet, reducing structural costs, tightening execution standards and rebuilding the foundation of the business. Those decisions are now translating into measurable financial performance, increased operational efficiency, expanding margins, higher utilization, stronger recurring demand and positive adjusted EBITDA. We are operating with a fundamentally different fleet, a fundamentally different cost structure and a fundamentally different level of discipline than we had just 12 months ago. That matters.

最後，我想強調這些成就。過去兩年，我們做出了艱難的決定，對車隊進行合理化調整，降低結構性成本，提高執行標準，並重建業務基礎。這些決策現在正在轉化為可衡量的財務表現、更高的營運效率、更大的利潤率、更高的利用率、更強勁的經常性需求和正的調整後 EBITDA。我們現在的運作方式與 12 個月前截然不同，包括車隊、成本結構和紀律水準。這很重要。

Durable profitability in this industry is not achieved through growth alone. It's achieved through utilization, availability, mix and cost control. We have improved in every single facet. Our business today is more predictable. It's more productive per aircraft, it's more efficient per employee and is better positioned to compound earnings. We remain focused on execution that will yield increasing market share and profitability, but we're no longer correcting structural inefficiencies. We're scaling a refined platform. The heavy lifting of the transformation is behind us. What lies ahead is disciplined growth built on a stronger base, and that's a very different company than the one investors saw just a year ago.

在這個行業，單靠成長是無法實現持久獲利的。這是透過利用率、可用性、組合和成本控制來實現的。我們在各方面都取得了進步。如今我們的業務更具可預測性。它提高了每架飛機的生產效率，提高了每位員工的效率，並且更有利於實現收益的複利成長。我們仍然專注於執行能夠帶來不斷增長的市場份額和盈利能力的策略，但我們不再糾正結構性低效問題。我們正在擴展一個經過改進的平台。轉型中最艱難的階段已經過去。未來將是建立在更堅實基礎上的穩健成長，這將是一家與一年前投資者看到的截然不同的公司。

Before I do turn it back to the operator, I want to take a last moment to recognize the team behind these results. Transformations like the one we've executed doesn't happen by accident. It happens because of people, people willing to challenge processes, raise the bar, lead and build systems that can support a company operating at a much higher level. We have not only improved our financial and operational performance, we have institutionalized the company, strengthening internal controls, establishing a disciplined reporting cadence, building the infrastructure required of a public company and creating the processes that allow this organization to scale responsibly. To our team from finance, flight operations, maintenance, sales, customer service and administration, thank you.

在將麥克風交還給操作員之前，我想最後花一點時間來感謝這些成果背後的團隊。我們所進行的這種變革並非偶然發生。這都是因為人，是那些願意挑戰現有流程、提高標準、領導和建立能夠支援公司以更高水準運作的系統的人。我們不僅提高了財務和營運績效，還使公司製度化，加強了內部控制，建立了嚴格的報告節奏，建立了上市公司所需的基礎設施，並創建了使該組織能夠負責任地擴大規模的流程。感謝財務、飛行營運、維護、銷售、客戶服務和行政部門的全體團隊成員。

The progress we're reporting today reflects your discipline, professionalism, and commitment to building something exceptional.

我們今天所報告的進展體現了你們的自律、專業精神以及致力於打造卓越成果的決心。

I'm incredibly proud of what this organization has accomplished and even more excited about what lies ahead. Thank you all again, and now I'll turn it back to the operator.

我為本組織所取得的成就感到無比自豪，也對未來的發展充滿期待。再次感謝大家，現在我把電話交還給接線生。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。現在您可以斷開線路了，祝您有美好的一天。感謝您今天的參與。