v3.25.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Outstanding Short-Term Notes Payable
The components of the Company’s outstanding short-term notes payable consisted of the following:
Weighted
average
interest rates		December 31, 2024December 31, 2023
Short-term notes payable
Bank 27.8 %$5,962 $14,400 
Less: Unamortized debt issuance costs— (4)
Total short-term notes payable$5,962 $14,396 
Schedule of Long-Term Debt
The components of the Company’s outstanding long-term debt consisted of the following:
Interest RatesAmountsMaturity Dates
December 31, 2024December 31, 2023December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Long-term notes payable with banks for the purchase of aircrafts
Bank 1
4.0% - 7.3%
4.0% - 7.3%
$11,841 $13,589 
Aug 2025 - Feb 2029
Aug 2025 - Feb 2027
Bank 2
4.0% - 7.8%
4.0% - 7.8%
12,325 13,769 
Dec 2025 - Apr 2029
Dec 2025 - Jun 2028
Bank 3
 2.3% + SOFR**
3.5% Fixed - 2.3% + SOFR**
1,653 7,705 Sep 2025
Jan 2024 - Oct 2026
Bank 4
n/a
2.9% + SOFR**
— 4,082 n/a
Sep 2024 - Dec 2024
Bank 5
5.3% - 6.0%*
5.3% - 6.0%
3,289 3,759 
Jul 2030 - Sep 2030
Jul 2030 - Sep 2030
Bank 67.7%7.7%1,614 1,843 Jan 2030Jan 2030
Bank 74.0%4.0%800 1,061 Sep 2027Sep 2027
Bank 88.8%n/a12,361 — May 2029n/a
Long-term notes payable with financial institutions for the purchase of aircrafts
Financial Institution 1
0.25%+ Schwab Loan Rate
0.25% + Schwab Loan Rate
2,959 3,290 Dec 2027Dec 2027
Financial Institution 2
3.6% - 7.0%
3.6% - 7.0%
7,796 8,435 
Nov 2026 - May 2027
Nov 2026 - May 2027
Financial Institution 3
9.0% - 9.5%
9.0% - 9.5%
34,407 22,612 
Sep 2033 - Mar 2034
Sep 2033 - Dec 2033
Credit facilities with financial institutions
Financial Institution 4
1.5% + SOFR **- 2.8% + SOFR**
1.3% + SOFR **- 2.8% + SOFR**
62,666 72,688 See disclosure
below		See disclosure below
Bridge Notesn/an/an/an/aSee disclosure
below		See disclosure below
Other long-term debt payable
EID loanSee disclosure belowSee disclosure below122 116 See disclosure
below		See disclosure below
Long-term debt from VIEs37,310 40,491 
Total Long-term notes payable189,143 193,440 
Less: Unamortized debt issuance costs and debt discount(233)(151)
Less: current portion$(84,883)$(26,471)
Long-term notes payable, non-current portion$104,027 $166,818 
__________________
*The payment terms dictate that the Note shall bear interest at a rate equal to the Prime Rate plus 275 basis points with an initial interest rate set at 6% based on the Prime Rate and Loan Spread at the time of the agreement. The interest rate is to be adjusted every 5 years and be based on the Prime Rate published as of the date plus the Loan Spread.
**SOFR is defined as “Secured Overnight Financing Rate”
Schedule of Contractual Principal Payments
The table below presents the Company’s contractual principal payments (not including debt issuance costs) as of December 31, 2024 under then-outstanding long-term debt agreements in each of the next five calendar years (does not include VIE loans):
Fiscal yearAmount
2025$77,193 
202612,897 
202711,948 
20284,840 
202921,728 
Thereafter23,227 
151,833 
Long-term notes payable from VIE37,310 
Debt issuance costs(233)
Total long-term notes payable$188,910