Wheels Up Experience Inc. · NYSE:UP
Wheels Up Experience — Q3 2024 Earnings Presentation
17 slides from Wheels Up Experience's earnings presentation, Nov 7, 2024
Slide 1: Third quarter 2024 earnings
Third quarter 2024 earnings November 7, 2024
Slide 2: Disclaimer
Disclaimer 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 c
Slide 3: Business update
Business update George Mattson Chief Executive Officer
Slide 4: Significant progress
Significant progress(1) Accomplishments Quarterly revenue stability YTD 2024 Highest quarterly Adjusted Contribution Margin as a public company(2) Adjusted EBITDA loss reduced by nearly 50% sequentially quarter-over-quarter Block sales up over 85% year-over-year Strong traction with Delta Corporate
Slide 5: Fleet modernization strategy
Fleet modernization strategy(1) Current fleet Modernized fleet King Air 350i King Air 350i Hawker 400XP Citation CJ3 Citation Excel/XLS Phenom 300 Series Citation X Challenger 300 Series Notes: Wheels Up 5 1. Fleet modernization strategy expected to be implemented within approximately the next three
Slide 6: Pending transactions
Pending transactions(1) Acquiring Phenoms from GrandView Aviation $332 million Bank of America Revolving Credit • Jump starts fleet modernization with 17 Facility Phenom 300/300E aircraft • Acquire GrandView Aviation fleet • Refinance existing EETC aircraft debt • Add up to $115 million of cash to b
Slide 7: Benefits of fleet modernization
Benefits of fleet modernization • Most popular fleet types in industry • Preferred corporate aircraft • Reduced operating complexity • Improved maintenance availability • Increased operational reliability • Higher yields and asset utilization drive next stage of profit improvement • Standardized hig
Slide 8: Financials
Financials Eric Cabezas Interim Chief Financial Officer
Slide 9: Financial review
Financial review(1) (in millions, except percentages) Q3 2024 Q2 2024(2) Change Flight Revenue (GAAP) $155 $164 (5)% Revenue (GAAP) $194 $196 (1)% Total Gross Bookings $255 $265 (4)% Private Jet Gross Bookings $204 $217 (6)% Private Jet Gross Bookings per Live Flight Leg(3) $15,990 $16,868 (5)% Adju
Slide 10: Foundational excellence in operations
Foundational excellence in operations 98% 82% Wheels Up 10 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 a ct u a l r e su l t s f o r t h e t h i r 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 11: Liquidity review
Liquidity review (in millions) Q3 2024 Cash & Cash Equivalents $116 Undrawn Revolver(1) $100 EETC Equipment note reserve deposit $20 Total liquidity & reserve deposit $236 Notes: 1. Refers to undrawn commitments as of September 30, 2024 under the Credit Agreement, dated September 20, 2023, by and am
Slide 12: Business model progression
Business model progression Growth stage Transitioning Scalable platform Pre-2022 2022–2024 2025+ Commercial initiatives Focus on growth Simplified model that leverage versus profits company strengths Revenue Shift revenue profile “One-size-fits-all” towards corporate and charter Modernized fleet of
Slide 13: Conclusion
Conclusion George Mattson Chief Executive Officer
Slide 14: Appendix & supplemental financial information
Appendix & supplemental financial information
Slide 15: Reconciliations of non-GAAP financial measures – Adjusted Contribution and Adjusted Contribution Margin
Reconciliations of non-GAAP financial measures – Adjusted Contribution and Adjusted Contribution Margin (in thousands, except percentages) Three Months Nine Months Ended September 30, Ended September 30, We include Adjusted Contribution and Adjusted Contribution Margin as supplemental measures for 2
Slide 16: Reconciliations of non-GAAP financial measures – Adjusted EBITDA
Reconciliations of non-GAAP financial measures – Adjusted EBITDA (in thousands) Three Months Nine Months Ended September 30, Ended September 30, We include Adjusted EBITDA as supplemental measures for assessing operating performance in conjunction with the 2024 2023 2024 2023 related GAAP amounts an
Slide 17: Definitions of key operating metrics and non-GAAP financial measures
Definitions of key operating metrics and non-GAAP financial measures ACTIVE MEMBERS: The number of membership accounts that generated membership LIVE FLIGHT LEGS: The number of completed one-way revenue generating private revenue in the applicable period and are active as of the end of the reporting