flyExclusive SPAC
V. FINANCIAL OVERVIEW
KEY ASSUMPTIONS DISCLOSURES & DEFINITIONS
▪ Revenue: Revenue generated from aircraft in service. Fleet count is
consistent with 2021 actuals. 2022P, 2023E and 2024E assumed number
of aircraft in renovation includes: i) Light -2; ii) Mid - 3; iii) Super-Mid - 1;
and iv) Heavy - 1.
i
Flight Hours / Utilization: Consistent with a 2Q '22 historical average, and
2022P assumes hours per tail of 54, 64, 60 and 72 hours of aircraft in
service in light, mid, super-mid and heavy categories, respectively.
flyExclusive assumes an average -1% monthly utilization improvement in
each aircraft category, estimated to achieve -65, -67, -73 and -90 hours
per month per aircraft in service in light, mid, super-mid and heavy
categories, respectively, by the year ending 2024E.
▪ Rates: Consistent with historical performance and contractual committed
demand. Average blended rates projected reflect fully-loaded rates, which
are calculated based on a formula of the daily rate, hourly rate, monthly fee
(if applicable) and assumed leg lengths in hours (calculated assuming jet
fuel priced at $150 per barrel): Fractional rates are tiered based on 70% of
owners purchasing with partial deposit and 30% of owners paying in full.
▪ Charter Revenue: Jet Club monthly sales of 30 and assumes 30 GRP tails
flying 65 hours per tail.
▪ Revenue Mix: Evolution of 2022P, 2023E and 2024E revenue calculated
according to contractual committed demand, wholesale, and direct-to-
customer mix by aircraft category.
▪ MRO Operations: MRO external work begins 2Q '22 with external billing
rate of $120 per hour. External maintenance hours begin at 50 per month
and increase to 2,000 per month by 1/31/2023, growing by 2% per month
through the end of 2023.
▪ Fractional Profit Margin: 10 shares per plane with sales beginning for
light jets on 6/1/2022 and sales of mid jets as of 6/1/2023. Shares sold in
2022 are four light jet shares per month; in 2023 and 2024, four light jet and
four mid jet shares are sold per month (revenue recognized at delivery).
• Cost of Goods Sold: Cost per hour fuel assumptions based on jet fuel
price per barrel of $150 or $5.77 per gallon. Maintenance assumptions
based on trailing 2Q '22 historical average. Program Cost assumptions
based on trailing 2Q '22 historical average. Ground Fee assumptions based
on trailing 2Q '22 historical average.
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