Greetings, and welcome to the flyExclusive Second Quarter 2025 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce to you, Sloan Bohlen with Investor Relations. Thank you, Sloan. You may begin.

Thank you, John. Good afternoon, and thank you for joining flyExclusive's Second Quarter 2025 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 first quarter -- or sorry, second quarter financial results yesterday after our market close, along with the filing of our Form 10-Q on the quarter ended June 30, 2025. We will 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-Q filed with the SEC and is available on our Investor Relations website. In addition, this discussion might include forward-looking statements. Actual results may differ materially from any number -- for any number of reasons, including risk factors described in our annual report on Form 10-K and our quarterly reports on 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. And with that, let me turn over the call to Jim.

Thank you, Sloan. I appreciate everyone joining us today. FlyExclusive had another strong quarter, continuing to advance the successful transformation of our company. We have added a supplemental presentation this quarter that provides some visuals to go along with our message. But to summarize all the numbers, what is completely clear is our strategy is delivering results. I'll begin with an update on our fleet modernization, which continues to be a significant driver of our EBITDA improvement. We have reduced our nonperforming aircraft to just 13, down from 37 when we launched the initiative to remove them last year. We expect the remaining pool of nonperforming aircraft to be in the mid-single digits by year-end. And to that end, we have already eliminated 2 more of these aircraft since the end of the second quarter and a third is under contract. On the other side of that equation, we now have 5 Challenger 350s in operation and we will add the sixth in the next few weeks as it completes the conformity process with the FAA. It will contribute to third quarter revenue and gross profit starting later this month. By year-end, we expect flyExclusive to have a fleet of Challengers in the low double digits. As a reminder, the power of this effort is meaningful for all stakeholders, our fractional owners, our Jet Club members and our shareholders. The Challenger provides our fractional owners and Jet Club members with a larger and more reliable jet with more range than the aircraft it is replacing. The members have taken advantage by flying longer leg trips and enjoying the confidence that comes with the increased reliability of the Challenger, which has substantially reduced mechanical disruption. It is clear from our pipeline of prospective fractional owners that the Challenger 350 has strong…

Thank you, Jim. I'll start by quickly echoing how proud we are of our progress year-to-date. As I said last quarter, it's personally rewarding to see the results of our plan become real and impactful in such a short period of time. We have a great team here at flyExclusive all across the board, and they're only getting better. With that, let me start with our second quarter financial highlights. FlyExclusive reported Q2 2025 revenues of $91.3 million, an increase of nearly 16% from the $79 million in Q2 2024 and a 4% increase over first quarter of this year. For the first half of 2025, our revenues grew to over $179 million, an increase of 13% compared to the first 6 months of last year. The result is even more impressive given our smaller operating fleet as a part of our fleet modernization program. I'd note that the growth we're seeing is increasingly becoming more broad-based. During the quarter, each piece of our business contributed positively to the top line from wholesale and retail charter, new growth in our fractional ownership and Jet Club membership programs as well as ramping growth from our MRO capability. Our total fractional and Jet Club active membership grew to a combined 1,077 owners and members, a 32% increase year-over-year, highlighting the competitive strength of our programs and offerings and their reception in the marketplace. This increase was an acceleration over our strong growth last quarter. The fractional program drove the increase with a 54% gain in the number of owners. Our Jet Club membership maintained a healthy and steady growth profile, increasing 8% compared to prior year. Fractional program activity during the quarter generated $11 million in sales, up 24% compared to prior year, bolstered by our maturing fractional program and clarity around…

Thank you, everyone. That does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.