Greetings, and welcome to the flyExclusive Fourth Quarter and Full Year 2025 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. [Operator Instructions] It's now my pleasure to turn the call over to C.J. Neil, Investor Relations. Please go ahead, sir.

Thank you, operator. Good afternoon, and thank you for joining flyExclusive's Fourth Quarter and Full Year 2025 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 fourth quarter and year-end financial results this morning before the market opened, along with the filing of our Form 10-K for the year-end December 31, 2025. We'll 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-K filed with the SEC and is 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 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 the call over to Jim Segrave.

Thank you. Good morning, and thank you for joining us. 2025 was a turning point for flyExclusive. Over the last 2 years, we made a deliberate decisions to transform this company, modernizing the fleet, eliminating nonperforming aircraft, restructuring costs and raising our execution standards across the organization. Those decisions were not always easy, but in the fourth quarter, the results validated the strategy. We delivered $105 million in fourth quarter revenue, up 15% year-over-year. We generated $6.8 million of positive adjusted EBITDA, our first positive quarter since becoming a public company. That milestone matters, but what matters more is how we achieved it. We didn't grow the fleet to get there. We improved the fleet and we executed at a higher level across the board. Let me walk through what changed last year. We removed 28 nonperforming aircraft. We added 7 highly profitable aircraft. Overall, we flew 13% more flight hours while operating 14% fewer aircraft. Our revenue was up 15% to $376 million for the year. Our gross profit was up 53%. In 2025, we flew over 74,000 flight hours, including over 20,000 in the fourth quarter. We are now the #1 charter operator in the United States and the overall #3 operator when including fractional Turboprop and management operators. Core fleet utilization increased approximately 23% per aircraft to an average of 73 hours per plane over the full year. And we achieved this performance in the face of all the nonperforming aircraft we have been eliminating. Dispatch availability improved roughly 7% year-over-year. And let me remind you that every 1% improvement at our current size translates to $2.5 million per year on our bottom line. To drive this initiative, we put 12 mobile service unit maintenance trucks in place late in 2025 and expect to double this fleet…

Thank you. I'll begin by reinforcing Jim's comments that the fourth quarter and full year 2025 represented another decisive and positive step in the transformation of flyExclusive. What we're now seeing is not episodic improvement. It's the result of intentional structural change. The fleet modernization is being executed. The cost base is being rightsized. The revenue mix is improving in quality and the operating leverage in our model is increasingly evident. The progress we delivered in 2025 reinforces our belief that the trajectory of this business is sustainable and accelerating. With that, let me begin my review of the summary financials for the fourth quarter and full year. Revenue for the fourth quarter totaled $104.3 million, which is a 14% increase over Q4 of 2024. For the full year of 2025, revenue expanded 15% to $375.9 million. Importantly, and largely as a result of removing nonperforming aircraft during 2025, we delivered this growth with a fleet that is 14% 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. Revenue growth was strong and broad-based across each charter, fractional and MRO. Charter flight revenue topped $98 million in Q4 of 2025, an increase of 13% year-over-year. Flight hours for the fourth quarter also increased 13% to approximately 20,400 as compared to the same period in the prior year. For the full year, flight hours increased 12% to nearly 75,000 hours, which, as Jim referenced, places us as the third largest private operator in the United States. As we've highlighted historically, we have intentionally focused on slowly shifting our revenue mix towards contractually committed demand. For the full year of 2025, our fractional and Jet Club programs increased approximately 33% year-over-year. Members contributing to…

Thank you. That does conclude today's teleconference and webcast. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.