FlexJet SPAC Presentation Deck
Adjusted Management EBITDA Reconciliation
1
($mm)
Net Income
Interest
Taxes
Depreciation & Amortization
Statutory EBITDA
Adjustments:
Loss/ Gain on Aircraft Sale
2 Management Fee
3 Other Expense/ (Income)
Fractional Share Margin Adjustment per Credit Agreement
5 Sale Leaseback Adjustment per Credit Agreement
Management EBITDA
Adjustments:
6 Sentient Jet Pricing Policy Adjustment
Customer Concessions Adjustment
Adjusted Management EBITDA:
FLEXJET.COM
FY2019
($7.9)
32.1
(0.1)
150.5
$174.6
3.8
3.0
5.9
(98.2)
7.6
$96.7
$96.7
FY2020
$66.2
41.8
14.9
165.0
$287.9
(7.0)
3.0
(76.1)
(104.3)
9.0
$112.4
$112.4
40
FY2021
$52.9
40.7
17.6
120.0
$231.2
2.2
0.8
(84.4)
(15.1)
10.7
$145.4
29.9
8.6
$183.9
Commentary
Management financials as presented include certain
differences versus GAAP audited financials in order to most
accurately present the financial performance of the business
in each period and represents the financial performance as
defined in its credit agreement
1 Adjustment for non-recurring items from gain / loss on aircraft
sales
2 Adjustment for management fees to investors such as
Directional Aviation and Resilience which ended in March 2021
3 Primarily consists of Payroll Support Programs received from
the CARES Act to support the wages of employees including
crew / pilots
4 Management accounts for the revenue and costs of fractional
shares at the time of the transaction. However, due to the long-
term contractual nature of the performance obligations under
the fractional share sale contract, accounting policy requires
the amortization of revenue over the life of the contract
5 GAAP excludes sale-leaseback revenue and costs associated
with aircraft sales to a third-party leasing company, which are
subsequently leased back into Flexjet
6 Adjustment to reflect change in hourly rate pricing policy,
primarily fuel surcharge formula, at Sentient Jet implemented
in May 2022
Adjustment for higher-than-normal customer credits which
were issued due to aircraft availability disruptions since mid-
2021. Adjusted to reflect normalized customer concessions.View entire presentation