Good day, ladies and gentlemen, and welcome to the flyExclusive Third Quarter 2024 Earnings Call. Our host for today’s call is Sloan Bohlen, Investor Relations. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. I would like to now turn the call over to your host, Mr. Bohlen, you may begin.

Thank you, Morgan. Good afternoon, and thank you for joining flyExclusive’s third quarter 2024 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. We announced Q3 results after the market closed today along with the filing of our Form 10-Q for the quarter ended September 30, 2024. We will 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-Q filed with the SEC and 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 the risk factors described in our Annual Report on Form 10-K, in our quarterly reports on Form 10-Q, and in the press release covering forward-looking statements. Rather than rereading this information, we're going to incorporate it by reference into our prepared remarks. And with that, let me turn the call over to Jim.

Thank you, Sloan, and thanks to everyone for joining us today. I'll begin by providing an overview of the private aviation landscape as it relates to flyExclusive’s and an update on our operations, followed by a preview of our expectations for Q4, traditionally our busiest season. Next, I will cover our ongoing fleet refresh, which has already shown immediate margin improvements and positions flyExclusive for even greater long-term success. Lastly, I will discuss our recently announced agreement with Volato and how it complements our strategic vision. This has been a very busy and productive quarter and I want to take a moment to recognize the entire flyExclusive team for their hard work and dedication. At the start of the year, we already had what I believe to be the best operating model in private aviation. However, we have faced many challenges during this transformational period. I am proud to report significant progress over the first three quarters, progress that is most importantly reflected in our rapidly improving financial performance. If we continue the same trajectory we have over the first three quarters of 2024 as expected, we will attain positive adjusted EBITDA profit in early 2025. We have made substantial strides including eliminating over half of our non-performing aircraft, restructuring our management team, nearly eliminating reliance on outside consulting services to support public company reporting, enhancing our fleet, taking over Volato’s flight operations and customers, expanding our club and fractional customer base and optimizing internal operations. Our revenue for the third quarter totaled approximately $77 million, up 24% compared to the same period last year. This growth was driven in large part by a 20% expansion of our membership base, which now boasts well over 1,000 members. As we continue refreshing our fleet by selling non-performing aircraft, the total number…

Thank you, Jim. I am excited and honored to join such a great organization with a unique set of competitive advantages relative to the industry and a tremendous leadership team. My first two months in the CFO role have confirmed just that and I am increasingly excited about what we know this platform can achieve. With that said, let me provide some context around Jim's characterization of 2024 as a transition year for flyExclusive. I'll start by highlighting the quarter-over-quarter progress we've made against the business plan that we laid out to begin 2024. We began the year with an oversized SG&A footprint from bringing the company public and we had identified cost overruns in parts of our fleet. We took immediate actions across both headwinds and the results have been concrete and durable. In first quarter 2024, we reported an adjusted EBITDA loss of roughly $19 million. In Q2, our reported adjusted EBITDA loss declined to $16 million. And now, our continued execution on our plan resulted in further step function reductions in the loss to just over $10 million this quarter. This consistent quarter-over-quarter improvement is a testament to the progress that we've made on the fleet refresh initiative and effective management of SG&A costs. As we head into 2025, we believe that we're on path to make continued progress on delivering positive adjusted EBITDA and most importantly driving increasingly positive free cash flow. From that foundation, here with what we all believe is the best in industry model, we expect to achieve operating leverage in 2025, especially as we complete the fleet refresh plan and onboard additional Challenger 350s. There's a lot to be excited about in the quarters ahead. With that, let me provide a brief overview of our third quarter results. flyExclusive reported third quarter…

[Operator Instructions]

At this time, it appears there are no questions. This concludes the flyExclusive third quarter 2024 earnings call. Thank you for attending and have a wonderful rest of your day.

Thank you.