Wheels Up Experience Inc. · NYSE:UP
Wheels Up Experience — Q2 2024 Earnings Presentation
17 slides from Wheels Up Experience's earnings presentation, Aug 8, 2024
Slide 1: Second quarter 2024 earnings
Slide 2: Cautionary statement regarding forward-looking statements
Cautionary statement regarding forward-looking statements This presentation contains certain “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are predictions, projections and other statements about future events that are based on current expe
Slide 3: George Mattson, Chief Executive Officer
George Mattson Chief Executive Officer
Slide 4: Notes: 1. Pe r ce n t a g e o n r i
99% 87% Notes: 1. Pe r ce n t a g e o n r i g h t a xi s r e p r e se n t s r e su l t s f o r t h e se co n d q u a r t e r o f 2 0 2 4 . Please see appendix for definitions of key o p e r a t i n g metrics
Slide 5: Ad-hoc trips versus annual membership offerings
Ad-hoc trips with no upfront costs Annual membership fee + upfront funded hours unlocks additional benefits Pricing Pricing Competitive dynamic pricing Competitive dynamic pricing and capped No yearly fees or dues hourly rate pricing in certain areas Pay as you fly Guaranteed availability and recove
Slide 6: Delta strategic partnership benefits
Allow travelers to more efficiently explore our dynamic rates across dates, as well as arrival and departure locations Enhanced savings across more than 200 of the summer’s most popular city pairs, with additional routes to be featured throughout the year FLY Up to earn 2% flight credit for every $5
Slide 7: Looking ahead
Looking ahead Executed In progress M Operational targets achieved Re-establishing top line growth Attracted world-class team Drive continued value through future product/digital enhancements Enhanced product offering Drive additional value through Delta strategic partnership Built one-of-a-kind stra
Slide 8: Todd Smith, Chief Financial Officer
Todd Smith Chief Financial Officer
Slide 9: Q2 2024 financial results
Q2 2024 Q1 2024(2) % Change $196 $197 - $164 $151 +8% $217 $192 +13% $16,868 $16,315 +3% $162 $122 +33% $265 $225 +18% Notes: 1. Please see appendix for explanations and reconciliations of non-GAAP measures. 2. Please see Wheels Up’s Quarterly Report on Form 10-Q for the three months ended March 31,
Slide 10: Margin, cash flow and liquidity
Q2 2024 Q1 2024(1) 7.8% 1.0% $(37) $(49) $261 $301 $703 $699 Notes: 1. Please see Wheels Up’s Quarterly Report on Form 10-Q for the three months ended March 31, 2024 filed with the SEC on May 9, 2024 for first quarter of 2024 information, including explanations and reconciliations of non-GAAP measur
Slide 11: Growth stage to scalable platform
Growth stage Scalable platform Pre-2022 2022–2024 2025+ Revenue Cost Adjusted EBITDA1 Notes: 1. Please see appendix for explanations and reconciliations of non-GAAP measures.
Slide 12: George Mattson, Chief Executive Officer
George Mattson Chief Executive Officer
Slide 13: Appendix: supplemental financial information
gS” Appendix& supplemental financial information
Slide 14: Adjusted gross profit reconciliation
Three Months Six Months Ended June 30, Ended June 30, 2024 2023 2024 2023 REVENUE $ 196,285 $ 335,062 $ 393,386 $ 686,874 Less: Cost of revenue (191,690) (327,903) (389,950) (681,694) Less: Depreciation and amortization (15,593) (15,123) (30,988) (29,568) • Used to understand our ability to achieve
Slide 15: Adjusted EBITDA reconciliation
Three Months Six Months Ended June 30, Ended June 30, 2024 2023 2024 2023 NET LOSS $ (96,973) $ (160,593) $ (194,366) $ (261,459) Add back (deduct): • Used in conjunction with bonus program target Interest expense 16,667 7,658 31,222 15,777 achievement determinations, strategic internal planning, an
Slide 16: Flight Transaction Value reconciliation
Three Months Six Months Ended June 30, Ended June 30, 2024 2023 2024 2023 • Total Private Jet Flight Transaction Value is the sum of Flight Revenue $ 163,684 $ 235,284 $ 314,613 $ 467,046 total gross spend by members and customers on all private jet flight services, which excludes all group charter
Slide 17: Definitions of key operating metrics
ACTIVE MEMBERS: The number of membership accounts that generated membership revenue OTHER CHARTER FTV: The sum of total gross spend by customers on all group charter flights in the applicable period and are active as of the end of the reporting period. with 15 or more passengers and cargo flight ser