Flyexclusive, Inc. · AMEX:FLYX
Flyexclusive — EG Acquisition — SPAC Merger (November 2023)
27 slides from Flyexclusive's SPAC merger presentation, Nov 20, 2023
Slide 1: flyExclusive
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Slide 2: Disclaimers and Other Important Information
DI S CL A I M E RS AN D O T H E R IM P OR T A N T IN F OR M A T ION This presentation (this “Presentation”) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential acquisition by EG Acquisition Corp (“E
Slide 3: Financial Information
F I NA NCI A L IN F OR M A T ION The financial and operating forecasts and projections contained in this Presentation represent certain estimates of LGM Enterprises as of the date thereof. LGM Enterprises’ independent public accountants have not examined, reviewed or compiled the forecasts or projec
Slide 4: I. Executive Summary
explained I. EXECUTIVE SUMMARY 4
Slide 5: World-Class Aviation Partnership
WORLD-CLASS AVIATION PARTNERSHIP Decades of aviation experience and entrepreneurial excellence ü Experienced aviation entrepreneur and operator ü Built Segrave Aviation and sold to Delta Private Jets Jim Segrave CEO ü President of Delta Private Jets 2010 – 2013 Gregg Hymowitz CEO & Director ü Founde
Slide 6: SPAC Sponsorship
SPAC SPONSORSHIP Experienced sponsors with significant private-to-public / cross-over investment history, including specialized aviation knowledge § 25+ year investment history with combined over ~$19 billion deployed to more than 250 investments across various industries and geographies § EnTrust G
Slide 7: SPAC Transaction: Key points of differentiation
SPAC TRANSACTION Key points of differentiation Sponsor’s Initial $6.5M of SPAC IPO risk capital not syndicated and held 100% by ETG and GMF 100% Financial Stake Sponsor’s Founder Share Initial stockholders will not transfer, assign, or sell founder shares or warrants 3 YEARS Lock Up Period Board Ini
Slide 8: Growing TAM with Favorable Dynamics
GROWING TAM WITH FAVORABLE DYNAMICS A large, untapped user base with potential for meaningful adoption exists Industry Drivers Private Aviation TAM by Household Net Worth (“HHNW”) § Potential TAM expected to grow to more than $43 billion driven by Landscape Shift in Air Travel from Commercial to Pri
Slide 9: Company Timeline
COMPANY TIMELIME In eight years, flyExclusive has become the fifth-largest operator (1) 1H 2023 Top U.S. Private Jet Operators Rank Company Hours Fractional 3Q 23 1 NetJets 344,424 Sky Night Interiors Repair 1Q 20 4Q 20 Paint 2 99,916 Vista Global / XO Jet Center 2Q 21 Jet Club (2) 2Q 23 MRO 2Q 20 3
Slide 10: Company Size and Scope
COMPANY SIZE AND SCOPE “Floating Fleet” model with 100% operational control Operations Overview § Headquartered in Kinston, North Carolina § Fleet of 100 aircraft as of 3Q 2023 § Currently, the Company has approximately 750 employees§ Operations centrally located within two flight hours of approxima
Slide 11: Financial Snapshot
FINANCIAL SNAPSHOT Positioned for growth through fleet expansion and vertical integration Core Business Metrics Total Revenue 2024E Adj. FY ’19A-’24E EBITDA CAGR 38.1% 10.0% Margin $49.7m 2024E (1) Adj. EBITDA Industry-leading revenue growth and margins driving profits Notes: (1) 2024E represents ye
Slide 12: Organic Growth
ORGANIC GROWTH Consistent revenue and fleet expansion since inception despite market fluctuations Annual Charter Revenue and Fleet Size ($ in millions) Revenue ’19A – ’24E CAGR 36.7% $473 Light Super-Mid Fleet Size ’19A – ’24E CAGR 23.3% Heavy Mid $318 $317 Revenue 128 $208 106 $121 $99 91 78 63 45
Slide 13: Company Charter Revenue Mix
COMPANY CHARTER REVENUE MIX Evolution of diversified charter revenue and committed demand 2020A 2019A 2021A 2022A 2023P 2024E 5% 4% 5% 2% 11% 18% 5% 21% 6% 29% 5% 39% 38% 8% 48% 8% 1% 10% 33% 58% 2% 24% 95% 86% 7% 29% 2% Contractually Committed Demand % of Total: 5% 9% 37% 70% 60% 50% Legend Wholesa
Slide 14: Investment Highlights
INVESTMENT HIGHLIGHTS Proven Operator 1§ World-class private aviation executive who has founded, operated, and sold a previous business to Delta Air Lines Unique Business Model 2 § Diversified customer channels, vertically integrated operations, and optimized asset utilization Clear Growth Trajector
Slide 15: Proven Operator
PROVEN OPERATOR I. EXECUTIVE SUMMARY 15
Slide 16: Market Capture
MARKET CAPTURE Taking share at an accelerated pace within established growing market flyExclusive Penetration of Private Jet Charter Market ($ in millions) Market ’19A – ’24E CAGR 2.6% (1) flyExclusive Charter Revenue flyExclusive ’19A – ’24E CAGR 36.7% 2.4% Other U.S. Private Jet Charter Revenue 1.
Slide 17: Where We Are Today
WHERE WE ARE TODAY flyExclusive’s vertical integration investments yield results across the value chain INVESTMENT YIELD • Consistent branding & pilots ~750 SERVICE • Jet Club member retention of 80%+ PROFESSIONALS • 99%+ of customers flown on flyExclusive fleet • Customer / aircraft discipline mini
Slide 18: Product Offering Summary
PRODUCT OFFERING SUMMARY Differentiated platform with multiple growth channels (1) (2) CUSTOMER TYPE TARGETED ANNUAL FLIGHT HOURS 2024E REVENUE MIX 20 – 50 33% JET CLUB 50 – 100 11% FRACTIONAL 100 – 150+ 6% PARTNERSHIP VARIABLE 50% WHOLESALE Contractual Demand Non-committed Demand Note: (1) Internal
Slide 19: Comparison to Major Competitors
COMPARISON TO MA JOR COMPETITORS Optimal business model with key differentiators Key Competitors Asset Growth Aircraft Acquisition Operator Acquisition rd Customer Fulfillment (Affiliate Lift) 99%+ on flyExclusive Fleet 3 Party Reliance EBITDA Generation Positive Inconsistent and / or Negative Aircr
Slide 20: Competitive Environment and Differentiators
COMPETITIVE ENVIRONMENT AND DIFFERENTIATORS I. EXECUTIVE SUMMARY 20
Slide 21: In-House Maintenance
IN-HOUSE MAINTENANCE Extensive investments in maintenance, paint, interiors, and avionics MRO Benefits On-site Infrastructure § 100,000+ sq ft of in-house 24/7 § 24/7 operations ~3x the maintenance, interior, and paint Operations MRO output facilities § Perform repairs § 48,000 sq ft hangar complete
Slide 22: Pilot Training
PILOT TRAINING “Build versus buy” strategy to address the pilot training industry challenge PILOT TRAINING CENTER § On-campus pilot training facilities will remove one of the ON-CAMPUS greatest bottlenecks to growth within the aviation industry FACILITIES § Training in Kinston builds company culture
Slide 23: Why flyExclusive Wins
WHY FLYEXCLUSIVE WINS Focus on executing growth with operational control § Service excellence and consistency drive everything Vertical § Reliable and repeatable service execution is aligned with cost and return management Integration § Value is created simultaneously for customers, shareholders & f
Slide 24: Financial Overview
FINANCIAL OVERVIEW I. EXECUTIVE SUMMARY 24
Slide 25: Deliberate Growth
DELIBERATE GROWTH Diversified charter revenue with growth tied to demand (1) CHARTER REVENUE MIX – 2024E Jet Club 50%+ Contractually Committed Demand § Program growth underwritten against fleet capacity § Disciplined customer per aircraft ratio managed against capacity, 49.9% with excess to serve de
Slide 26: Revenue and Adjusted EBITDA Summary
REVENUE AND ADJUSTED EBITDA SUMMARY Revenue and Adjusted EBITDA Breakout § Charter rates and programs ($ in millions) matched to customer’s needs Revenue Adjusted EBITDA $497 $50 § Pricing designed so that each aircraft model generates cash § Improvement in margin results $323 $320 from continued in
Slide 27: Summary P&L
SUMMARY P&L Continued focus on vertical integration and scaling flight offerings Historical and Projected Income Statement ($ in 000s) Adjusted EBITDA is a non-GAAP * financial measure 2019A 2020A 2021A 2022A 2023P 2024E § We include Adjusted EBITDA as a supplemental measure for Revenue assessing op