Slide 1: Third quarter 2023 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: Customized aviation solutions for all flight needs
• Customized aviation solutions for all flight needs • Owned/operated fleet and global charter capability • Private/commercial/hybrid flying with Delta
Slide 5: Regionalization: faster recovery, improved service, reduced rates
WA M ONTREAL MT ME ND OTTAW A BOZ EM AN VT OR ST PAUL ID MN TORONTO NH DOW NTOW N (STP) SUN VALLEY WI SD NY MA JACKSON HOLE M INNEAPOLIS M ILW AUKEE CT RI WY ST. PAUL (M SP) MI M ADISON NJ IA PA NE NVW A OH MD KANSAS CIT Y IN DE UT IL M ONTREAL DOW NTOW N (M KC) ME M T CO WV CA BOZ EM AN ND KS MO OT
Slide 6: Operating performance: completion rate and on-time departure
• Completion rate • On-time departure • September operating targets exceeded • Deliver a great service • Regionalization of controlled fleet • Access Delta’s operating & business expertise • State-of-the-art MOC • FAA certificate consolidation Notes: 1. Please see appendix for definition of key metr
Slide 7: Credit facility and Delta investment
• $350 million credit facility • $100 million revolver from Delta • $50 million remaining facility Delta and new investors have vested interest in success of the company with approximately 95% (1) ownership of the company Notes: 1. Reflects pro forma ownership of the Company’s issued and outstanding
Slide 8: Make Wheels Up the best-run private aviation company in the world
Make Wheels Up the best-run private aviation company in the world Notes: 1. Please see appendix for explanation of non-GAAP measures
Slide 9: Todd Smith, Chief Financial Officer
Todd Smith Chief Financial Officer
Slide 10: Three Months Ended September 30 results
Three Months Ended September 30, 2023 2022 Revenue Revenue $320.1 $420.4 AdjustedContribution Adjusted ContributionMargin Margin 11.0%(2) 5.1% AdjustedEBITDA Adjusted EBITDA $(18.5) $(45.2) Cashon Cash onbalance balancesheet sheet $244.8 $285.5 Totaldeferred Total Deferredrevenue Revenue $692.4 $968
Slide 11: Liquidity and cash outlook
September 30, 2023 • Improving profitability • Cash: $245 million • Stabilization of deferred revenue balance • Undrawn revolver: $100 million • One-time transaction/restructuring expenses paid in 3Q • Equipment note reserve deposit: $20 million(1) • Normalization of working capital Total Liquidity:
Slide 12: Priorities: network, efficiency, costs and funding
• Leverage network strengths through regionalization • Balance flying between programmatic & charter • Improve asset utilization & efficiency o Operations centralized into new MOC in Atlanta (opened in May) o Continue consolidation of FAA certificates • Additional cost reductions executed • Complete
Slide 13: George Mattson, Chief Executive Officer
George Mattson Chief Executive Officer
Slide 14: Appendix & supplemental financial information
gg” Appendix& supplemental financial information
Slide 15: Adjusted contribution 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. Consists of expenses incurred associated with acquisitions, as well
Slide 16: Adjusted EBITDA reconciliation
• 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 17: Supplemental expense information
Supplemental expense information (in thousands, except percentages) cost oF REVENUE Three Months Ended September 30, 2023 TECHNOLOGY AND DEVELOPMENT SALES AND MARKETING GENERAL AND ADMINISTRATIVE cost oF REVENUE Nine Months Ended September 30, 2023 SALES AND MARKETING TECHNOLOGY AND DEVELOPMENT GENE
Slide 18: Key metric definitions
ACTIVE MEMBERS: We define Active Members as the number ADJUSTED EBITDA MARGIN: Calculated by dividing Adjusted of Connect, Core, and Business membership accounts that EBITDA by total revenue. generated membership revenue in a given period and are active as of the end of the reporting period. COMPLET