Wheels Up Experience Inc. · NYSE:UP
Wheels Up Experience — Q1 2024 Earnings Presentation
16 slides from Wheels Up Experience's earnings presentation, May 9, 2024
Slide 1: First 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. Please see appendix for definitions of key o p e r a
Notes: 1. Please see appendix for definitions of key o p e r a t i n g metrics
Slide 5: Fastest growing, driving toward profitability
• Fastest growing • Driving toward profitability • Profitable today • Targeted revenue activation • Global • Fleet optimization • Complements programmatic flying • Strong momentum in Delta strategic partnership • Larger average customer spend / higher margins • Monday through Thursday utilization
Slide 6: Wheels Up today
Wheels Up today Executed In progress wf Improved operational performance Achieve profitability for programmatic flying \{ Charter growing My Corporate gaining momentum Wheels Up 6
Slide 7: Todd Smith, Chief Financial Officer
Todd Smith Chief Financial Officer
Slide 8: Three Months Ended March 31 results
Three Months Ended March 31, 2024 2023 % Change $197 $352 (44%) $193 $277 (31%) $151 $232 (35%) $192 $258 (26%) $16,315 $16,772 (3%) $122 $98 +25% $225 $289 (22%) Notes: 1. Please see appendix for explanations and reconciliations of non-GAAP measures. 2. Aircraft Management (ACM) business was divest
Slide 9: Liquidity and cash flow
Three Months Ended March 31, 2024 2023 1.0% 1.8% $(49) $(49) $301 $363 $699 $977 Notes: 1. Please see appendix for explanations and reconciliations of non-GAAP measures. 2. Includes cash and cash equivalents, undrawn revolver, and $20 million reserve deposit on EETC notes.
Slide 10: Target positive Adjusted EBITDA later this year
Overhauled programmatic offering Continued alignment of cost structure to demand profile Reduced cost structure Consolidating maintenance in new flagship facility at PBI Secured additional financial resources Improved revenue and schedule management Consolidated Operations to MOC Fleet optimization
Slide 11: George Mattson, Chief Executive Officer
George Mattson Chief Executive Officer
Slide 12: Appendix: supplemental financial information
gg” Appendix& supplemental financial information
Slide 13: Non-GAAP reconciliation
• Used to understand our ability to achieve profitability over time through scale and leveraging costs; and • Provides useful information for historical period-to- period comparisons of our business and to identify trends. Notes: 1. Includes restructuring charges related to the Restructuring Plan an
Slide 14: Non-GAAP reconciliation (Adjusted EBITDA)
• Used in conjunction with bonus program target achievement determinations, strategic internal planning, annual budgeting, allocating resources and making operating decisions; and, • Provides useful information for historical period-to- period comparisons of our business, as it removes the effect of
Slide 15: Flight Transaction Value definitions
• Total Private Jet Flight Transaction Value is the sum of total gross spend by members and customers on all private jet flight services, which excludes all group charter flights with 15 or more passengers and cargo flight services. • Total Flight Transaction Value is Total Private Jet Flight Transa
Slide 16: Definitions of key operating metrics
ACTIVE MEMBERS: We define Active Members as the number of Connect, Core, and Business time, inclusive of air traffic control, weather, maintenance and customer delays on our controlled membership accounts that generated membership revenue in the applicable period and are fleet. active as of the end