Greetings, and welcome to the flyExclusive, Inc. third quarter 2025 earnings call. At this time, all participants are in a listen-only mode. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Sloan Bohlen of Investor Relations. Thank you. You may begin.

Thank you, Operator. Good afternoon and thank you for joining flyExclusive, Inc.'s third quarter 2025 earnings conference call. Joining me on the call today are Jim Segrave, flyExclusive, Inc.'s Founder and Chief Executive Officer, and Bradley Griffin Garner, our Chief Financial Officer. We will be providing certain non-GAAP information during today's discussion. We announced third quarter financial results yesterday after market close along with the filing of our Form 10-Q for the quarter ended September 30, 2025. Important disclosures about this information and the 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 for any number of reasons, including risk factors described in our annual report on Form 10-Ks and in 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 into our prepared remarks. And with that, let me turn the call over to Jim.

Thank you, Sloan, and thanks to everyone joining us today. The third quarter marked another very strong step forward for flyExclusive, Inc. Our transformation is clearly working. Our strategy is delivering results, and the positive impact is accelerating across the business. As a reminder, our results are outlined in an earnings presentation which is posted on the Investor Relations page of the flyExclusive, Inc. website. Like last quarter, the charts detailed the incredible progress our team has made in every metric and category. We reduced costs, increased sales, grew our membership base, increased utilization, and significantly improved our financial performance. Over the past year, we've modernized our fleet, streamlined our cost structure, and strengthened every area of the business operationally, financially, and culturally. The result is the company generating stronger growth, more profitability, and more momentum than at any point in our history. We are flying smarter, running leaner, and serving our members with greater consistency, reliability, and value than ever before. Our fleet refresh continues to be a major driver of our transformation. Over the last twelve months, we eliminated 26 non-performing aircraft, including two more in the third quarter and already an additional two in the fourth quarter as well. That reduction has decreased the operational drag from these jets by roughly 85%, taking monthly losses associated with these aircraft from over $3 million per month in 2024 to just under $500,000 per month today. At its peak, our non-performing fleet represented an annualized EBITDA drag of roughly $36 million. That drag is nearly gone, and our financial results show just how dramatically this transformation has improved our performance. We expect to reduce the number of non-performing aircraft to mid-single digits by the end of 2025 and to fully eliminate it in 2026. These non-performing aircraft have been…

Thank you. I'll begin by echoing Jim's sentiment that this quarter marked another important step in our continued transformation as a business. From top-line growth, operational discipline, and marked bottom-line improvement, the third quarter illustrated what we believe to be a sustainable and accelerating path towards profitability and scale. We have driven value through growth in members, hours flown, and average rates. We've driven operational leverage through increased efficiency and utilization of our fleet. We are seeing accelerating momentum in our club and fractional programs, which drives retail sales gains as well as higher quality and more durable earnings. And lastly, as mentioned, we've driven margin expansion through the significant reduction in our corporate cost base. Best of all, we aren't done, and the initiatives that are producing results are part of a strategy that will extend well beyond next year. With that, let me begin my review of the summary financials for the third quarter. Revenue for the third quarter totaled $92.1 million, which is a 20% increase over 2024. Year-to-date revenue expanded 15% to $272 million compared to the same period last year. Impressively, and largely as a result of our fleet modernization initiative, we accomplished this growth with a fleet that is 20% smaller than it was a year ago. This is proof that the quality of our fleet and the leverage in our model are both improving and real. Similar to the earlier quarters this year, our revenue growth continues to diversify. Our flight revenue in the third quarter grew 17% year over year. That's largely a function of stronger aircraft performance, higher utilization, and our continued pivot to more productive aircraft types. Dispatch availability improved to roughly 650 basis points year over year, and our aircraft are simply flying more and more profitably than they…

Thank you.

And ladies and gentlemen, this concludes today's conference call. Thank you for joining. You may now disconnect your lines.