Flyexclusive Inc (FLYX) 2026 Q1 法說會逐字稿

Greetings, and welcome to flyExclusive, Inc.'s first-quarter 2026 earnings call. (Operator Instructions).

各位好，歡迎參加 flyExclusive, Inc. 2026 年第一季財報電話會議。（接線員指示）。

Please note that this conference is being recorded. I will now turn the call over to Chris Neale with Marketing. Thank you, Chris. You may begin.

請注意，本次會議將被錄音。現在我將把電話交給行銷部的 Chris Neale。謝謝你，Chris。你可以開始了。

Thank you, operator. Good evening, and thank you for joining flyExclusive's first-quarter 2026 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. We announced fourth-quarter and year-end financial results this morning before the market opened, along with the filing of our Form 10-Q for three months ended March 31, 2026.

謝謝，接線員。各位晚安，感謝各位參加 flyExclusive 2026 年第一季財報電話會議。今天與我一同出席的有 flyExclusive 創辦人兼執行長 Jim Segrave，以及我們的財務長 Brad Garner。我們今天早上在開盤前公布了第四季及全年財務結果，同時也提交了截至 2026 年 3 月 31 日止三個月的 Form 10-Q。

We'll be providing certain non-GAAP information during today's discussion. Important disclosures about this information and a 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.

我們在今天的討論中將提供某些非 GAAP 資訊。關於該等資訊的重要揭露，以及非 GAAP 資訊與可比較 GAAP 資訊之調節表，已載於我們向 SEC 提交的 Form 10-K，並可於我們的投資人關係網站取得。

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 from 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.

此外，本次討論可能包含前瞻性陳述。實際結果可能因多項原因而與前述陳述存在重大差異，包括我們在 Form 10-K 年報、Form 10-Q 季報以及新聞稿中所述之前瞻性陳述相關風險因素。我們將在準備好的發言中以引用方式納入該等資訊，而不再逐字重讀。

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

接下來，讓我把電話交給 Jim。

Thank you, Chris, and thank you to everyone joining us this afternoon. The first quarter of 2026 was another important proof-of-concept point for flyExclusive. For the better part of two years, I have told the market that we were in the middle of a structural transformation and that when the transformation was complete, the financial results would reflect it.

謝謝你，Chris，也感謝今天下午加入我們的各位。2026 年第一季對 flyExclusive 而言，是另一個重要的概念驗證（proof-of-concept）里程碑。在過去將近兩年的大部分時間裡，我一直告訴市場，我們正處於結構性轉型之中，而當轉型完成時，財務結果將會反映這一點。

The first quarter continues to validate that thesis. We generated approximately $96 million in total revenue during the quarter, representing year-over-year growth of approximately 9%, and we delivered positive adjusted EBITDA for the first time in the first quarter of the year. That result was not accidental, and it was not a function of favorable seasonality.

第一季持續驗證這項論點。本季我們創造約 9,600 萬美元的總營收，年增約 9%，並且我們在一年中的第一季首次實現正向調整後 EBITDA。這個結果並非偶然，也不是因為有利的季節性因素。

In fact, it was in spite of seasonality as the first quarter is historically the industry's most challenging. The company, like the entire aviation industry, was also negatively impacted by multiple major winter weather systems that shut down most of the East Coast for several days each. In the face of this, the company still improved year-over-year EBITDA by $6.6 million, representing an over 100% increase compared to 1Q '25.

事實上，這是在不利季節性之下達成的，因為第一季歷來是本產業最具挑戰的季度。公司與整個航空產業一樣，也受到多個重大冬季天氣系統的負面影響，這些系統使美國東岸大部分地區每次停擺數日。即便如此，公司仍將 EBITDA 年增改善 660 萬美元，較 2025 年第一季（1Q '25）增加超過 100%。

Our performance exceeded even our own internal forecast as well as analyst forecast. This was the result of a more efficient fleet, disciplined operations, and an increasingly high-quality revenue base. Long-term debt was reduced another $10 million in the first quarter, adding to the $86 million total reduction in 2025. The company now operates approximately $522 million of aircraft overall, but has reduced the directly owned portion down to $145 million. This, in part, represents our shift to the much more capital-efficient fractionally owned aircraft business. Debt on the directly owned fleet is approximately $112 million, resulting in roughly $33 million of equity in these aircraft.

我們的表現甚至超出我們自身的內部預測以及分析師預測。這是更高效率的機隊、嚴謹的營運管理，以及日益高品質的營收基礎所帶來的成果。第一季長期負債再減少 1,000 萬美元，延續 2025 年合計減少 8,600 萬美元的成果。公司目前整體營運的飛機資產約為 5.22 億美元，但直接持有的部分已降至 1.45 億美元。這在一定程度上反映我們轉向資本效率更高的分時共有（fractionally owned）飛機業務。直接持有機隊的相關負債約為 1.12 億美元，意味著這些飛機約有 3,300 萬美元的權益。

Let me spend a few minutes on what I believe are the most important themes from the quarter. First, the fleet transformation is essentially complete and the impact on operating performance is unmistakable. At the beginning of 2024, we had 37 nonperforming aircraft, generating operating losses in excess of $3 million per month across the system.

我想花幾分鐘談談我認為本季最重要的幾個主題。第一，機隊轉型基本完成，其對營運表現的影響非常明顯。在 2024 年初，我們有 37 架未達效益的飛機，在整個系統中每月造成超過 300 萬美元的營運虧損。

As of the end of the first quarter, we reduced that count to just six aircraft, and the aggregate operating loss from those remaining aircraft was less than $250,000 per month. That is a reduction of more than 90% in the financial drag associated with legacy aircraft, and this has been one of the single most consequential operational and financial improvements we have made as a company.

截至第一季末，我們已將該數量降至僅 6 架，而這些剩餘飛機的合計營運虧損已低於每月 25 萬美元。這代表與舊型飛機相關的財務拖累降低超過 90%，也是我們作為一家公司所做過最具關鍵性的營運與財務改善之一。

By the end of the second quarter, we expect to eliminate three more of these aircraft, cutting the monthly loss to under $100,000. The aircraft we have added to replace those legacy units, primarily Challenger 350, CJ3s and XLS aircraft are performing exceptionally well. They fly more reliably and cause less schedule disruptions. They require less unscheduled maintenance, customers much prefer them, and they generate meaningfully better economics per flight hour than the aircraft they replaced. The quality of our fleet today is categorically positively different from where we were 18 months ago, and that difference is increasingly evident in our financial results.

到第二季末，我們預期將再淘汰其中 3 架，使每月虧損降至 10 萬美元以下。我們為取代這些舊機型而新增的飛機，主要為 Challenger 350、CJ3 與 XLS 機型，表現極為出色。它們飛行可靠性更高，造成的航班時刻干擾更少。它們需要的非計畫性維修更少，客戶更偏好，且每飛行小時所創造的經濟效益明顯優於被替換的機型。我們目前的機隊品質與 18 個月前相比已呈現根本性的正向差異，而這種差異也愈來愈清楚地反映在我們的財務結果中。

For some additional context, the unencumbered contribution numbers on average are 27% for every CJ3 and XLS+ we add to the operation, and 39% for every challenger. We have now proven our transformation plan will deliver the financial performance we forecasted.

補充一些背景資訊：平均而言，我們新增至營運中的每一架 CJ3 與 XLS+ 的無負擔貢獻率（unencumbered contribution）為 27%，而每新增一架 Challenger 則為 39%。我們如今已證明，我們的轉型計畫將能帶來我們所預測的財務表現。

Second, dispatch availability continues to improve, and I want to be clear again about why this matters. Dispatch availability improved approximately 7.6% year over year. At our current fleet scale, every 1 percentage point improvement in dispatch availability translates to approximately $2.5 million of annual bottom line contribution. The 7.6% improvement we delivered in the first quarter represents the equivalent of roughly $19 million of annualized EBITDA opportunity relative to where we were a year ago, and we are expecting to deliver much more than this in 2026. The work we have done on fleet modernization, vertically integrated maintenance and mobile service unit expansion is directly responsible for this improvement.

第二，派遣可用率（dispatch availability）持續改善，我想再次清楚說明其重要性。派遣可用率年增約 7.6%。以我們目前的機隊規模來看，派遣可用率每提升 1 個百分點，約可帶來 250 萬美元的年度淨利貢獻。我們在第一季達成的 7.6% 改善，相當於相較一年前約 1,900 萬美元的年化 EBITDA 機會，我們預期 2026 年將帶來遠高於此的改善。我們在機隊現代化、垂直整合維修，以及行動服務單位（MSU）擴張方面所做的工作，正是這項改善的直接原因。

Speaking of the mobile service units, we intend to over double this fleet to 30 units over the next 12 months. We expect this to reduce our maintenance costs and further increase our dispatch availability. And we also plan to make the MSUs available to third-party customers, which will generate a new profitable revenue stream for us.

談到行動服務單位，我們計畫在未來 12 個月內將該車隊規模增加一倍以上至 30 個單位。我們預期這將降低維修成本，並進一步提升派遣可用率。此外，我們也計畫將 MSU 提供給第三方客戶，為我們帶來一條新的獲利營收來源。

Third, our contracted and recurring revenue programs continue to strengthen. Approximately half of our revenue in the first quarter was derived from contractually committed demand, Fractional, jet club and partner programs. This is strategically significant for several reasons. It improves revenue predictability. It enhances our ability to plan fleet deployment and improves maintenance scheduling.

第三，我們的合約型與經常性收入方案持續強化。第一季約有一半的營收來自具合約承諾的需求，包括分時共有（Fractional）、jet club 與合作夥伴方案。這在策略上具有多項重要意義。它提升營收可預測性。它強化我們規劃機隊部署的能力，並改善維修排程。

It supports pricing discipline and it keeps the kind of long-term customer relationships that are difficult for customers to replicate. Members contributing to revenue in the first quarter exceeded 1,000 members, marking our eighth consecutive quarter of membership growth. That consistency is meaningful. It tells us the product is working, that customer satisfaction is high and that word-of-mouth and retention dynamics within the program are working as we would expect for a premium aviation brand.

它支持定價紀律，並維繫那種客戶難以複製的長期客戶關係。第一季對營收有貢獻的會員人數超過 1,000 名，為連續第八季會員成長。這種一致性很有意義。它告訴我們產品運作良好、客戶滿意度高，且方案內的口碑傳播與留存動能正如我們對高端航空品牌所預期般發揮作用。

Fractional sales, a segment we have been actively investing in, were particularly encouraging during the quarter. Retail fractional share sales increased approximately 47% year over year, with fractional revenue growing approximately 5% on a GAAP basis. The reinstatement of 100% bonus depreciation has materially accelerated customer interest in fractional ownership and the pipeline we are seeing for the balance of the year, in part reflects that dynamic.

零碎持有（Fractional）銷售是我們一直積極投入的業務板塊，本季表現尤其令人鼓舞。零售端零碎持股銷售額年增約47%，而零碎業務收入在GAAP基礎下成長約5%。100%加速折舊獎勵（bonus depreciation）的恢復，已實質加速客戶對零碎所有權的興趣；我們看到的全年剩餘期間管線在一定程度上也反映了這一動態。

The Challenger 350 platform, in particular, continues to be a standout performer for the fractional and Club programs. Customer retention on this aircraft type is exceptional. Stage lengths are longer, average revenue per trip is higher and the profile of customers engaging with the platform is exactly what we want, high value, long tenure and deeply engaged with our service ecosystem.

Challenger 350平台尤其持續成為零碎與Club方案中的亮眼表現者。此機型的客戶留存率極為出色。航段距離更長、每趟平均收入更高，且參與該平台的客戶輪廓正是我們所期望的：高價值、長期任期，並深度參與我們的服務生態系。

Fourth, our MRO business continues to gain momentum. External MRO revenue increased approximately 14% year over year, driven by expanding demand for our product, Avionics, Interiors and Starlink installation capabilities. We recently became a Starlink authorized dealership, which we believe positions us well to capture a growing revenue stream as connectivity upgrades become a standard expectation among high net worth aviation customers.

第四，我們的MRO（維修、修理與大修）業務持續增添動能。外部MRO收入年增約14%，主要受惠於市場對我們產品、航電（Avionics）、內裝（Interiors）以及Starlink安裝能力需求擴大所帶動。我們近期成為Starlink授權經銷商（authorized dealership），我們相信這使我們具備良好定位，可在連線升級逐漸成為高淨值航空客戶的標準期待之際，掌握一條成長中的收入來源。

Our vertically integrated maintenance platform is a primary differentiator of our operating model, and we believe the external MRO business has a long runway for growth. Few operators in the private aviation space have the in-house capability, physical infrastructure and licensing to serve the range of maintenance, Avionics and completion needs that we can address. As external demand continues to scale, this business will increasingly contribute to both revenue and margin while continuing to serve our in-house needs.

我們垂直整合的維修平台是營運模式的主要差異化因素之一，我們也相信外部MRO業務仍有很長的成長跑道。在私人航空領域，能像我們一樣具備內部能力、實體基礎設施與相關牌照，以滿足廣泛維修、航電與完工（completion）需求的營運商並不多。隨著外部需求持續擴大，該業務將愈來愈多地貢獻收入與毛利，同時也持續滿足我們內部需求。

Fifth, I want to address the macroeconomic backdrop directly because I know this is a topic of investor focus. The current global environment is frankly complex. Fuel costs have moved significantly higher. Broader market volatility has increased. Geopolitical uncertainty, including developments in the Middle East have created incremental caution in certain aspects of the economy.

第五，我想直接談談總體經濟背景，因為我知道這是投資人關注的議題。目前的全球環境坦白說相當複雜。燃油成本已顯著上升。整體市場波動加劇。地緣政治不確定性（包括中東局勢發展）也使經濟的某些面向出現額外的謹慎情緒。

We have not, however, seen any demand disruption within our customer base. In fact, our revenue and flight hours for the second quarter will significantly exceed first-quarter results. We are halfway through the quarter and expect to deliver around 15% top line growth quarter to quarter.

然而，我們並未在客戶基礎中看到任何需求受擾的跡象。事實上，我們第二季的收入與飛行時數將顯著超越第一季表現。目前本季已過半，我們預期營收將較上一季成長約15%。

There are a few reasons for that. First, within our contracted programs, fuel costs are passed through to customers either directly or through defined surcharge mechanisms. We are not absorbing fuel price increases as a margin headwind within the fractional and Jet Club programs.

原因有幾點。第一，在我們的合約型方案中，燃油成本會以直接方式或透過既定的附加費機制轉嫁給客戶。在零碎與Jet Club方案中，我們不會把燃油價格上漲當作侵蝕毛利的逆風自行吸收。

Second, the customers we serve are among the most economically resilient in the world. Our Fractional and Club members are typically ultra-high net worth individuals and corporate accounts for whom private aviation represents a productivity tool and a lifestyle priority, not a discretionary expenditure that gets scrutinized in periods of market softness. The data we have seen through April continues to support this view. Booking activity, utilization trends and member engagement have all remained healthy.

第二，我們服務的客戶屬於全球經濟韌性最強的一群。我們的零碎與Club會員通常是超高淨值個人與企業客戶；對他們而言，私人航空是提升生產力的工具與生活方式的優先選項，而非在市場疲弱時期會被嚴格檢視的可自由支配支出。我們截至4月所看到的數據仍持續支持這一觀點。訂位活動、使用率趨勢與會員互動程度皆維持健康。

That said, we remain clear-eyed about the external environment. We are not dismissing broader macro risk, and we continue to manage the business conservatively. But based on everything we can see today, we do not believe the current environment represents a material headwind to our near-term financial performance.

儘管如此，我們仍對外部環境保持清醒認知。我們不會輕忽更廣泛的總體風險，並持續以保守方式經營業務。但就我們目前所見的一切而言，我們不認為當前環境會對我們短期財務表現構成重大逆風。

Sixth, and finally, let me say a few words about where we are going. The transformation phase of this company is largely behind us. We are now in the execution phase, and that is an entirely different and more straightforward operating mode.

第六，也是最後，我想談談我們的前進方向。公司的轉型階段大致已經結束。我們現在進入執行階段，而這是一種完全不同、也更直接的營運模式。

Our job now is to continue improving utilization, continue growing the fractional and jet club programs, continue expanding the MRO and continue translating operational improvement into financial results. We are adding aircraft thoughtfully and expect approximately 20 aircraft will join the fleet in 2026, consisting primarily of CJ3s, XLS+s and Challengers.

我們現在的工作是持續提升使用率、持續擴大零碎與Jet Club方案、持續擴張MRO，並持續把營運改善轉化為財務成果。我們將審慎地增加機隊，並預期2026年約有20架飛機加入機隊，主要由CJ3、XLS+與Challenger機型構成。

Each aircraft we add has been underwritten at attractive economics and each aircraft has the benefit of being added to a platform that is already operating efficiently rather than one that is still working through structural transformation. We expect to close the GenAI transaction next month. which also includes deposits on three CJ3+ positions with Textron delivering early in 2027.

我們新增的每一架飛機都以具吸引力的經濟性完成承作評估（underwritten），且每一架飛機加入的都是已高效率運作的平台，而非仍在進行結構性轉型的平台。我們預期將於下月完成GenAI交易交割；該交易亦包含向Textron支付的三個CJ3+機位訂金，Textron預計於2027年初交付。

The second tranche of the Volato transaction closed in the first quarter, which brought the mission control scheduling and optimization platform being rebranded as Contrails into our ecosystem. The Contrails platform, in particular, has the potential to be a meaningful operational differentiator, allowing us to optimize scheduling, improve trip fulfillment rates and provide network sharing infrastructure for third-party operators. We receive over 500 trip requests per day, and our ability to fulfill a greater share of those requests is directly tied to our scheduling efficiency and network. We expect to close the final part of Volato transaction, the Vaunt empty leg subscription business over the next quarter.

Volato交易的第二批次已於第一季完成交割，並將任務控制（mission control）排程與最佳化平台納入我們的生態系，該平台正重新命名為Contrails。Contrails平台尤其有潛力成為重要的營運差異化因素，使我們能最佳化排程、提升航程履約率，並為第三方營運商提供網路共享基礎設施。我們每天收到超過500筆行程需求，而我們能履行其中更高比例的能力，與排程效率及網路規模直接相關。我們預期在下一季完成Volato交易的最後部分——Vaunt空機腿（empty leg）訂閱業務。

I want to close my remarks by thanking our team. Our pilots, maintenance technicians, dispatchers, member service professionals, sales organization and all of our administrative and support personnel. You are the reason these results are possible. This is a complex operational business and the level of execution this team has demonstrated over the last two years is something of which I am genuinely proud of. To our shareholders and customers, thank you for your continued confidence in flyExclusive.

最後，我想以感謝我們的團隊作結。我們的飛行員、維修技師、派遣人員、會員服務專業人員、銷售團隊，以及所有行政與支援人員。你們是這些成果得以實現的原因。這是一項複雜的營運型業務，而團隊在過去兩年所展現的執行力，讓我由衷感到自豪。也感謝我們的股東與客戶，謝謝你們持續對flyExclusive的信任。

With that, I'll turn the call over to Brad.

接下來，我把電話會議交給Brad。

Thank you, Jim, and good evening, everyone. Our fleet modernization initiative, improved dispatch availability, higher aircraft utilization, disciplined cost management and the continued growth of our contracted revenue programs all contributed meaningfully to the quarter. And similar to what we discussed throughout 2025, we believe the key takeaway from this quarter is not simply the growth itself, it's the quality and the efficiency of that growth. We continue to generate more revenue, more flight activity and significantly more profitability from a smaller, more efficient and higher-performing fleet. That operational leverage is becoming increasingly visible in our financial results.

謝謝你，Jim，各位晚安。我們的機隊現代化計畫、派遣可用性改善、更高的飛機使用率、嚴謹的成本管理，以及合約型收入方案的持續成長，都對本季表現做出了重要貢獻。而且如同我們在2025年多次討論的，我們認為本季的關鍵重點不僅是成長本身，而是成長的品質與效率。我們持續以更小、更有效率且表現更佳的機隊，創造更多收入、更多飛行活動，以及顯著更高的獲利能力。這種營運槓桿正愈來愈清楚地反映在我們的財務結果中。

flyExclusive generated approximately $96.3 million in consolidated revenue during the first quarter of 2026, representing a year-over-year growth of approximately 9% compared to the first quarter of 2025. Revenue growth remained diversified across the business. Flight revenue, which represents the core of our business, increased approximately 9% year over year to $92.5 million, supported by stronger utilization, improved aircraft availability, healthier fleet mix and continued strong demand across both retail and wholesale channels.

flyExclusive於2026年第一季的合併營收約為9,630萬美元，較2025年第一季年增約9%。營收成長在各業務間仍維持多元分散。飛行收入作為我們業務核心，年增約9%至9,250萬美元，主要受更強的使用率、飛機可用性改善、更健康的機隊組合，以及零售與批發通路需求持續強勁所支撐。

Importantly, this growth was achieved while continuing to operate a smaller fleet than a year ago as we completed the vast majority of our fleet modernization initiative. Flight hours for the first quarter were up 7% compared to Q1 of 2025, totaling 18,537 hours. As a reference point, while Q1 is historically the slowest quarter of the year, this represents the third largest volume quarter in company history. That speaks directly to the productivity improvements we've achieved across the fleet. Our utilization measured on our core operating fleet of CJ3s, XLSs and Challengers averaged 75 hours per aircraft per month in the first quarter, up about 15% from 65 hours in Q1 of 2025.

重要的是，在我們完成機隊現代化計畫的絕大部分之際，這項成長是在持續以較去年更小的機隊規模營運下達成的。第一季飛行時數較2025年第一季增加7%，合計18,537小時。作為參考，雖然第一季歷來是全年最淡的一季，但這仍是公司史上第三高的季度量。這直接反映我們在整體機隊上所達成的生產力提升。以CJ3、XLS與Challenger為核心營運機隊衡量的使用率，在第一季平均每架機每月75小時，較2025年第一季的65小時提升約15%。

We believe there remains additional runway to realize further increased utilization as we continue to layer in newer, more capable aircraft, expand dispatch availability and integrate and leverage the rebranded Contrail software platform we acquired in the Volato AMS agreement.

我們相信，隨著我們持續導入更新、更具能力的機型、擴大派遣可用性，並整合與運用我們在 Volato AMS 協議中取得並重新品牌化的 Contrail 軟體平台，仍有額外空間可進一步提升使用率。

On revenue mix, approximately half of our revenue base is now derived from contractually committed programs, including Fractional, JetClub and partnership relationships. This mix continues to shift favorably, and we view that trajectory strategically and financially important. Contractually committed revenue improves yield visibility, enhances our ability to preposition maintenance resources and supports pricing variability relative to spot market dynamics.

就營收組合而言，我們的營收基礎約有一半目前來自具合約承諾的方案，包括分時所有權（Fractional）、JetClub 以及合作夥伴關係。此組合持續朝有利方向轉變，我們認為這一趨勢在策略與財務上都很重要。具合約承諾的營收可提升收益率可見度、強化我們預先配置維修資源的能力，並支持相對於即期市場動態的定價彈性。

Within our wholesale business, revenue grew to approximately $50.9 million in the quarter, an increase of 24% year over year. Wholesale continues to serve as a critical utilization maximizer for the fleet. We manage this channel actively to ensure we're balancing the margin optimization against fleet productivity, and we continue to believe the wholesale channel is both structurally important and financially complementary to our retail programs, especially as we transition in 2026 into a fleet growth mode with younger, more efficient aircraft.

在我們的批發業務中，本季營收成長至約 5,090 萬美元，年增 24%。批發業務仍是提升機隊使用率的關鍵工具。我們積極管理此通路，以確保在利潤最佳化與機隊生產力之間取得平衡；我們也持續相信批發通路在結構上重要，且在財務上能與我們的零售方案互補，尤其是在我們於 2026 年轉入機隊成長模式、導入更年輕且更高效率的機型之際。

GAAP Fractional revenue increased approximately 5% year over year. However, as we've noted previously, the GAAP recognition of Fractional revenue does not always capture the full activity picture in a given quarter. On a retail sales basis, which includes Fractional shares sold and flight funds deployed, total Fractional retail activity increased approximately 27% year over year, with fractional shares sold in the quarter up 47% from Q1 of 2025.

依 GAAP 認列的分時所有權（Fractional）營收年增約 5%。然而，如同我們先前所提，GAAP 對分時所有權營收的認列，並不一定能在單一季度完整反映全部活動情況。以零售銷售口徑（包含分時份額銷售與飛行基金動用）計算，分時所有權零售活動總量年增約 27%，其中本季分時份額銷售較 2025 年第一季成長 47%。

Total fractional retail sales reached approximately $14 million in the quarter. The demand pipeline for Fractional remains strong, particularly on the Challenger platform, and we believe full year Fractional activity will continue to outperform 2025 levels. Jet Club sales totaled approximately $25.8 million in Q1, with renewal activity of $16.6 million and new member sales of over $9 million.

本季分時所有權零售銷售總額約達 1,400 萬美元。分時所有權的需求管線仍然強勁，尤其是在 Challenger 平台上；我們相信全年分時所有權活動將持續優於 2025 年水準。Jet Club 第一季銷售總額約 2,580 萬美元，其中續約活動 1,660 萬美元，新會員銷售超過 900 萬美元。

Member retention remains healthy and new member acquisition trends are consistent with the prior several quarters. As Jim mentioned, total members contributing to revenue in the quarter reached over 1,000 members, marking the eighth consecutive quarter of member growth.

會員留存率維持健康，新會員取得趨勢與前幾季一致。如 Jim 所提，本季貢獻營收的會員總數已超過 1,000 名，為會員連續第八季成長。

Lastly, during the quarter, our MRO reported external revenue of approximately $2 million, representing a year-over-year growth of approximately 14%. As Jim noted, the Starlink installation program and expanded external demand across our paint, avionics and interior capabilities are driving incremental growth. We continue to view the external MRO business as a high-margin, capital-light incremental revenue stream, and we expect full year external MRO revenue to continue to compound meaningfully.

最後，本季我們的 MRO（維修、修理與大修）外部營收約 200 萬美元，年增約 14%。如 Jim 所述，Starlink 安裝計畫，以及我們在噴漆、航電與內裝能力上的外部需求擴張，正帶動額外成長。我們持續將外部 MRO 業務視為高毛利、輕資本的增量營收來源，並預期全年外部 MRO 營收將持續顯著複利成長。

Turning to profitability. Contribution margin in the quarter was approximately 50.5% compared to 46.9% in Q1 of 2025, a roughly 360 basis point improvement year over year. The increase in contribution margin reflects not only better gross economics per flight, but also the favorable shift in revenue mix towards higher yield contracted demand. Gross profit increased approximately 69% year over year to $19.1 million during the quarter. Gross margin for the quarter was 20%, an expansion of roughly 700 basis points compared to the first quarter of 2025.

接著談獲利能力。本季貢獻毛利率約為 50.5%，相較 2025 年第一季的 46.9%，年增約 360 個基點。貢獻毛利率的提升不僅反映每趟飛行的單位毛利經濟性改善，也反映營收組合朝向收益率更高的合約需求移動。本季毛利年增約 69% 至 1,910 萬美元。本季毛利率為 20%，較 2025 年第一季擴張約 700 個基點。

The expansion in gross margin reflects the compounding benefit of several structural improvements. First, the continued reduction in nonperforming aircraft drag. As Jim mentioned, the operating loss from those aircraft declined from a peak of over $3 million per quarter to under $250,000 by the end of Q1 of 2026. That improvement flows directly through the gross margin line. Second, the improved fleet mix.

毛利率的擴張反映多項結構性改善所帶來的累積效益。第一，持續降低低效能（nonperforming）飛機的拖累。如 Jim 所提，這些飛機的營運虧損已從每季高峰超過 300 萬美元，下降至 2026 年第一季末低於 25 萬美元。該改善直接反映在毛利率上。第二，機隊組合改善。

Newer aircraft carry lower unscheduled maintenance costs and higher dispatch availability, both of which reduced the cost of generating a given unit of flight revenue. Third, utilization improvement. With 75 hours per aircraft per month on the core fleet versus 65 a year ago, we're spreading fixed operating costs over a larger revenue base, generating meaningful incremental margin from the same cost structure. And fourth, the ongoing benefit of our vertically integrated MRO capability, which continues to reduce reliance on third-party maintenance providers, lowering our costs and accelerating our return to service of aircraft.

較新的飛機具備較低的非計畫性維修成本與較高的派遣可用性，兩者皆降低了產生特定單位飛行營收的成本。第三，使用率提升。核心機隊每架每月 75 小時，相較一年前的 65 小時，我們得以將固定營運成本分攤到更大的營收基礎上，並在相同成本結構下產生可觀的增量利潤。第四，我們垂直整合的 MRO 能力持續帶來效益，降低對第三方維修供應商的依賴、降低成本，並加速飛機恢復服役的速度。

As we've highlighted historically, dispatch availability is a key performance indicator of our operational efficiency. In Q1 of 2026, dispatch availability increased approximately 760 basis points compared to the prior year as the benefits from the removal of the nonperforming aircraft and the addition of newer challenger CJ3 and XLS aircraft continue transforming our fleet. The impact of that improvement cannot be understated. Each 1% improvement in VA at our current fleet size represents annual improvement in contribution of $2.5 million.

如我們過去所強調，派遣可用性是衡量我們營運效率的關鍵績效指標。在 2026 年第一季，派遣可用性較前一年提升約 760 個基點；移除低效能飛機以及新增較新的 Challenger CJ3 與 XLS 機型所帶來的效益，持續改造我們的機隊。這項改善的影響不容小覷。以我們目前的機隊規模計算，VA 每提升 1%，每年可帶來約 250 萬美元的貢獻增加。

As we've consistently emphasized, our ability to produce higher utilization, stronger dispatch availability and greater revenue productivity per aircraft is where the operating leverage in this model becomes increasingly powerful. Importantly, these improvements were not driven by a single event or temporary benefit. Rather, they are the direct result of the strategic initiatives we have been executing over the last two years, modernizing the fleet, eliminating operational inefficiencies, leveraging our integrated platform, improving scheduling and maintenance execution and building a more scalable infrastructure. We continue to believe there remains additional runway for operational leverage and margin expansion as utilization continues to improve and the remaining legacy drag is fully eliminated.

如我們一再強調，我們提升使用率、強化派遣可用性，並提高每架飛機的營收生產力的能力，正是此商業模式中營運槓桿愈發強大的所在。重要的是，這些改善並非由單一事件或短期效益所驅動。相反地，這些是我們過去兩年所執行策略性計畫的直接成果，包括機隊現代化、消除營運低效率、運用整合平台、改善排程與維修執行，以及建立更具擴展性的基礎設施。我們仍相信，隨著使用率持續提升且剩餘的歷史包袱完全消除，營運槓桿與利潤率擴張仍有額外空間。

As for SG&A, SG&A expense for the quarter was approximately $22.7 million, representing 24% of revenue. On an absolute basis, SG&A increased modestly year over year, primarily reflecting some seasonal timing and onetime noncash costs. Revenue per SG&A headcount in the quarter was approximately $481,000, up 9% year over year.

至於 SG&A（銷售、一般及行政費用），本季 SG&A 費用約 2,270 萬美元，占營收 24%。以絕對金額而言，SG&A 年增幅度不大，主要反映部分季節性時點因素及一次性非現金成本。本季每位 SG&A 人員對應的營收約 48.1 萬美元，年增 9%。

We continue to view SG&A leverage as an important component of our path to sustain profitability. As revenue scales, supported by additional aircraft, growing membership and an expanding MRO, we expect the fixed cost component of SG&A to generate increasing operating leverage throughout 2026.

我們持續將 SG&A 槓桿視為邁向可持續獲利的重要組成。隨著營收規模擴大（由新增飛機、會員成長及 MRO 擴張所支撐），我們預期 SG&A 的固定成本部分將在 2026 年持續產生更大的營運槓桿。

flyExclusive reported positive adjusted EBITDA of approximately $200,000 in the first quarter. This compares to an adjusted EBITDA loss of approximately $6.4 million in Q1 of 2025, an improvement of $6.6 million on an absolute basis year-over-year. Adjusted EBITDA margin for the quarter was approximately 0.2% compared to negative 7.2% in Q1 of 2025, a year-over-year improvement of 740 basis points.

flyExclusive 第一季調整後 EBITDA 約為正 20 萬美元。相較之下，2025 年第一季調整後 EBITDA 虧損約 640 萬美元；以絕對金額計算，年增改善 660 萬美元。本季調整後 EBITDA 利潤率約 0.2%，相較 2025 年第一季的負 7.2%，年增改善 740 個基點。

As we've highlighted, the first quarter is historically the slowest period of the calendar year for private aviation as leisure demand moderates post holidays and corporate activity is slower in January and February. Our first quarter's results further validate the trajectory and scalability we've outlined throughout 2025. Over the last eight quarters, we have consistently improved profitability through revenue mix improvement, fleet optimization, operational execution and disciplined cost management.

如我們所強調，第一季在歷史上通常是私人航空全年最淡的期間，因假期後休閒需求趨緩，且 1 月與 2 月企業活動較慢。我們第一季的結果進一步驗證了我們在 2025 年全年度所闡述的發展軌跡與可擴展性。在過去八個季度中，我們透過改善營收組合、機隊最佳化、營運執行與嚴謹的成本管理，持續提升獲利能力。

Turning to our balance sheet and liquidity position. We ended the quarter of -- first quarter of 2026 with cash and cash equivalents of approximately $18.7 billion. We expect cash to build through the stronger seasonal quarters and as we complete the GenAI acquisition in Q2 following the S-4 registration statement being declared effective by the SEC just a few weeks ago. We continue the progress we achieved in 2025 during the first quarter of deleveraging our balance sheet. We reduced our long-term notes payable by approximately $10 million during Q1 of 2026.

接著談談我們的資產負債表與流動性狀況。我們在2026年第一季季度末的現金及約當現金約為187億美元。我們預期現金將在季節性較強的季度中增加，並且在第二季完成GenAI收購後進一步提升；該收購係在幾週前S-4註冊聲明獲美國證券交易委員會（SEC）宣告生效後推進。我們延續2025年所取得的進展，在第一季持續去槓桿化我們的資產負債表。我們在2026年第一季將長期應付票據減少約1,000萬美元。

Since the beginning of 2025, we've reduced our long-term notes payable by roughly 40% -- this consistent deleveraging reflects both our operational cash generation progress and our disciplined approach to capital allocation. We continue to prioritize balance sheet health alongside fleet investment, and we believe our trajectory on debt reduction is meaningful to the company's longer-term equity story.

自2025年初以來，我們已將長期應付票據降低約40%——這種持續的去槓桿化反映了我們營運現金創造能力的進展，以及我們在資本配置上的紀律作法。我們在進行機隊投資的同時，仍持續優先維持資產負債表健康；我們相信在降低負債方面的走勢，對公司長期的股權投資論述具有重要意義。

On our ATM facility, we have currently approximately $98 million of availability remaining under our equity offering program. We view the ATM as a strategic tool that provides optionality and flexibility rather than as a primary source of capital. We have not been aggressive in deploying it, and we intend to continue using it judiciously, specifically to support accretive fleet additions, renew debt where appropriate, and enhance liquidity if and when the risk-adjusted returns on doing so is favorable.

關於我們的ATM融資安排，目前在股權發行計畫下仍約有9,800萬美元的可用額度。我們將ATM視為提供選擇性與彈性的策略工具，而非主要資金來源。我們並未積極動用，且我們打算持續審慎使用，特別是用於支持具增益性的機隊新增、在適當時機進行債務再融資，以及在風險調整後報酬具吸引力時提升流動性。

Let me also offer a few comments on cost trends that I think are important as we continue to gain scale and operational efficiencies in our platform. Fuel costs have increased year over year, largely in response to global geopolitical factors. Within our contracted programs, fuel increases are passed through to customers through defined surcharge mechanisms. So the net margin impact within fractional and JetClub is marginal and manageable.

我也想就成本趨勢補充幾點我認為重要的看法，因為我們持續擴大規模並在平台上提升營運效率。燃油成本年增，主要是受全球地緣政治因素影響。在我們的合約方案中，燃油上漲會透過既定的附加費機制轉嫁給客戶。因此，在分時共享與JetClub業務中的淨利率影響有限且可控。

Within our wholesale channel, fuel represents a more direct cost input, and we manage our pricing in that channel to reflect current fuel economics in a real-time manner. We do not, however, use fuel as a profit center, and we don't attempt to expand margin through fuel surcharges beyond cost recovery. Aircraft maintenance cost per flight hour have continued to trend favorably as the fleet mix improves.

在我們的批發通路中，燃油是較直接的成本投入，我們會以即時方式管理該通路的定價，以反映當前燃油經濟情況。不過，我們不把燃油當作獲利中心，也不會試圖透過超出成本回收的燃油附加費來擴大利潤率。隨著機隊組合改善，每飛行小時的飛機維修成本持續呈現有利趨勢。

Newer aircraft on average carry meaningfully lower unscheduled maintenance cost profiles than the legacy aircraft they're replacing. Our MRO vertical integration continues to provide cost insulation relative to operators who rely entirely on third-party maintenance providers, particularly in a market where MRO capacity is constrained. Looking ahead, we remain highly encouraged by the operational trends and financial trajectory of the business entering the historically stronger quarters of the year.

平均而言，較新的飛機相較於其所汰換的舊機型，非計畫性維修成本結構明顯更低。我們在MRO（維修、修理與大修）上的垂直整合，持續提供相對於完全依賴第三方維修供應商之營運商的成本防護，尤其是在MRO產能受限的市場環境下。展望未來，在進入一年中歷來較強的季度之際，我們對業務的營運趨勢與財務走勢仍感到非常振奮。

As such, I want to provide some directional commentary. We're not providing formal full year guidance, and I want to be clear about why. Visibility in our business, while improving as our contractually committed revenue mix grows, still has inherent limitations driven by seasonality, macroeconomic dynamics and the timing of aircraft additions and transitions. Given those constraints, we believe it would not be appropriate to provide specific financial targets at this time.

因此，我想提供一些方向性的評論。我們不提供正式的全年指引，我想清楚說明原因。雖然隨著合約承諾收入占比提高，我們對業務的能見度正在改善，但仍受季節性、總體經濟動態，以及飛機新增與轉換時點等因素影響而存在固有限制。在這些限制下，我們認為此時提供具體財務目標並不適當。

With that said, I do want to provide a few observations. Every quarter of 2026 is expected to outperform the corresponding quarter of 2025 on revenue, adjusted EBITDA and flight hours. That expectation is grounded in the structural improvements we've already delivered, a more efficient fleet, higher dispatch availability and stronger utilization per aircraft. The seasonal pattern should produce progressively stronger results relative to Q1, consistent with historical seasonality for the industry and for our business specifically. The combination of a modernized fleet, improving dispatch availability, growing contractually committed demand, increasing utilization, continued SG&A leverage and the scalability of our vertically integrated operating platform positions us well for continued improvement moving forward.

話雖如此，我仍想提出幾點觀察。預期2026年每一季在營收、調整後EBITDA與飛行小時數方面，都將優於2025年同期。此一預期奠基於我們已經交付的結構性改善、更有效率的機隊、更高的派遣可用率，以及每架飛機更強的使用率。季節性型態應會帶來相較第一季逐步更強的表現，符合產業以及我們業務本身的歷史季節性。現代化機隊、派遣可用率改善、合約承諾需求成長、使用率提升、持續的SG&A槓桿效益，以及我們垂直整合營運平台的可擴展性之綜合效應，使我們在未來持續改善方面具備良好定位。

With the first quarter demonstrating that the transformation phase of the business is largely behind us, we're intensely focused on scaling a structurally improved platform. We're operating from a position of significantly greater strength than at any point since becoming a public company. The operating model is more efficient. The fleet is materially stronger. The margins are growing, the quality and predictability of our revenue base continues to strengthen and the liquidity flexibility is improving. Most importantly, first quarter's financial results are increasingly validating the long-term scalability and earnings power of our platform.

第一季顯示我們的業務轉型階段大致已經過去，我們正全力聚焦於擴大一個結構性改善後的平台。自成為上市公司以來，我們目前的營運處於前所未有的更強勢位置。營運模式更有效率。機隊實力顯著提升。利潤率正在成長，我們收入基礎的品質與可預測性持續增強，流動性彈性也在改善。最重要的是，第一季的財務結果正日益驗證我們平台的長期可擴展性與獲利能力。

As we continue through 2026, our focus remains consistent, disciplined execution, cost management, profitable growth, continued operational improvement and sustained margin expansion. We believe the trajectory of the business continues to move decisively in the right direction, and we remain confident in our ability to continue to scale the platform while driving towards sustained profitability and longer-term shareholder value creation.

在2026年接下來的時間裡，我們的重點仍然一致：穩健且有紀律的執行、成本管理、獲利性成長、持續的營運改善，以及持續的利潤率擴張。我們相信業務走勢仍在明確朝正確方向前進，並且我們對於持續擴大平台規模、同時推進持續獲利與長期股東價值創造的能力仍具信心。

Lastly, I'll echo Jim and thank our entire team across the organization from our pilots to our dispatchers, our technicians and maintenance controllers, to our member services team and to all of our operational and administrative employees, thank you for your hard work, your dedication, your commitment to our customers and our shareholders. The transformation and progress we're delivering would not be possible without the collective execution of the entire organization.

最後，我也呼應Jim，感謝我們整個組織的全體團隊——從飛行員到派遣人員、技術人員與維修管制人員、會員服務團隊，以及所有營運與行政員工——感謝你們的辛勤工作、奉獻精神，以及對客戶與股東的承諾。若沒有整個組織的共同執行，我們所交付的轉型與進展將不可能實現。

For our shareholders and analysts, thank you for your time and continued engagement in our story. We remain deeply focused on converting operational progress into sustainable financial performance, and we believe the trajectory of this business continues to move in the right direction. With that, I'll turn it back to -- the call back to the operator.

對我們的股東與分析師，感謝你們撥冗以及持續關注我們的故事。我們仍高度專注於將營運進展轉化為可持續的財務表現，並且我們相信這項業務的走勢仍持續朝正確方向前進。接下來我把電話交回——交回給接線員。

Thank you. And with that, ladies and gentlemen, this does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time, and have a wonderful rest of your day.

謝謝。各位女士、先生，今天的電話會議到此結束。感謝各位的參與。此時您可以掛斷電話線，祝您今天剩餘時間愉快。