Strong operational performance and increased efficiencies contribute to sequential margin and profitability improvement
Second Quarter 2024 Highlights
- Revenue decreased to
$196 million , driven by the divestiture of non-core assets and our focus on more profitable flying - Adjusted Contribution Margin increased year over year to 7.8%
- Net loss improved year-over-year to
$97 million - Adjusted EBITDA improved year-over-year to a loss of
$37 million
"Over the past year, we've taken vital steps towards realizing our vision of building
"The initiatives we have taken over the past year to strengthen our business are now contributing to sequential improvement in our financial results," said
Recent Initiatives
- Strengthened product portfolio provides global access through membership and charter options that emphasize accessibility, flexibility and value. With Wheels Up Charter, travelers can fly anywhere in the world with no upfront cost. Alternatively, Wheels Up Membership offers guaranteed availability and recovery in the continental
U.S. ,U.K. andEurope with dynamic rates and price protection. - Introduced further pricing, savings and rewards transparency to drive value and increase flexibility for travelers via upgrades to pricing platform and website and mobile app experiences. Booking upgrades make it easier to explore dynamic rates across dates, departure and arrival destinations.
- Established deeper commercial integration with Delta Air Lines to provide enhanced value for
Wheels Up's customers and members, including the ability to earn Delta Medallion® status. - Completed the transition of our
King Air 350i and Citation Excel/XLS fleets to a singleFAA operating certificate, which already includes our Hawker 400XP aircraft. This is resulting in significant operational efficiencies across maintenance, training and scheduling. Transition of our Citation X aircraft to the same operating certificate is in process.
Financial and Operating Highlights(1) |
|||||
|
As of |
|
|
||
|
2024 |
|
2023 |
|
% Change |
Active Members |
8,268 |
|
11,639 |
|
(29) % |
|
|
|
|
|
|
|
Three Months Ended |
|
|
||
(In thousands, except Active Users, Live Flight Legs, Total Private |
2024 |
|
2023 |
|
% Change |
Active Users |
9,999 |
|
12,549 |
|
(20) % |
|
|
|
|
|
|
Live Flight Legs |
12,855 |
|
18,137 |
|
(29) % |
|
|
|
|
|
|
Total Private Jet Flight Transaction Value |
$ 216,843 |
|
$ 266,714 |
|
(19) % |
Total Private Jet Flight Transaction Value per Live Flight Leg |
$ 16,868 |
|
$ 14,706 |
|
15 % |
|
|
|
|
|
|
Private Jet Charter FTV |
$ 113,153 |
|
$ 83,665 |
|
35 % |
Other Charter FTV |
48,503 |
|
55,204 |
|
(12) % |
Total Charter FTV |
$ 161,656 |
|
$ 138,869 |
|
16 % |
|
|
|
|
|
|
On-Time Performance (D-60) |
87 % |
|
89 % |
|
n/m |
|
|
|
|
|
|
Completion Rate |
99 % |
|
98 % |
|
n/m |
|
|
|
|
|
|
Revenue |
$ 196,285 |
|
$ 335,062 |
|
(41) % |
Net loss |
$ (96,973) |
|
$ (160,593) |
|
40 % |
Adjusted EBITDA |
$ (37,355) |
|
$ (40,303) |
|
7 % |
|
|
|
|
|
|
|
Six Months Ended |
|
|
||
(In thousands) |
2024 |
|
2023 |
|
% Change |
Revenue |
$ 393,386 |
|
$ 686,874 |
|
(43) % |
Net loss |
$ (194,366) |
|
$ (261,459) |
|
26 % |
Adjusted EBITDA |
$ (86,584) |
|
$ (89,218) |
|
3 % |
__________________ |
|
(1) |
For information regarding |
n/m |
Not meaningful |
|
|
For the second quarter:
- Active Members decreased 29% year-over-year to 8,268, primarily as a result of the regionalization of our member programs and focus on profitable flying.
- Active Users decreased 20% year-over-year to 9,999, primarily related to the decline in Active Members.
- Total Private Jet Flight Transaction Value per Live Flight Leg increased 15% year-over-year, primarily due a higher mix of flying with larger cabin aircraft.
- Revenue decreased 41% year-over-year, primarily driven by exiting the aircraft management and aircraft sale businesses, as well as reduced Flight revenue, primarily due to our focus on more profitable flying.
- Net loss improved by
$63.6 million year-over-year to$97.0 million , as the second quarter of 2023 included a$70 million non-cash goodwill impairment charge with no equivalent charge in the second quarter of 2024. - Adjusted EBITDA loss improved by
$2.9 million year-over-year to$37.4 million , reflecting our operational efficiency and other spend reduction efforts.
About
Cautionary Note Regarding Forward-Looking Statements
This press release 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 expectations and assumptions and, as a result, are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of the control of
Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures, such as Adjusted EBITDA, Adjusted Contribution, Adjusted Contribution Margin, Total Private Jet Flight Transaction Value and Total Flight Transaction Value. These non-GAAP financial measures are an addition, and not a substitute for or superior to, measures of financial performance prepared in accordance with generally accepted accounting principles in
For more information on these non-GAAP financial measures, see the sections titled "Definitions of Key Operating Metrics," "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" included in this press release.
Contacts
Investors:
ir@wheelsup.com
Media:
press@wheelsup.com
|
|||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||
(Unaudited, in thousands, except share data) |
|||
|
|||
|
|
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ 141,493 |
|
$ 263,909 |
Accounts receivable, net |
34,005 |
|
38,237 |
Parts and supplies inventories, net |
21,242 |
|
20,400 |
Aircraft held for sale |
36,900 |
|
30,496 |
Prepaid expenses |
33,608 |
|
55,715 |
Other current assets |
21,558 |
|
25,277 |
Total current assets |
288,806 |
|
434,034 |
Property and equipment, net |
287,395 |
|
337,714 |
Operating lease right-of-use assets |
60,059 |
|
68,910 |
|
217,656 |
|
218,208 |
Intangible assets, net |
107,269 |
|
117,766 |
Other non-current assets |
125,104 |
|
139,428 |
Total assets |
$ 1,086,289 |
|
$ 1,316,060 |
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
Current liabilities: |
|
|
|
Current maturities of long-term debt |
$ 21,152 |
|
$ 23,998 |
Accounts payable |
41,934 |
|
32,973 |
Accrued expenses |
88,124 |
|
102,475 |
Deferred revenue, current |
702,174 |
|
723,246 |
Other current liabilities |
20,722 |
|
24,810 |
Total current liabilities |
874,106 |
|
907,502 |
Long-term debt, net |
218,612 |
|
235,074 |
Operating lease liabilities, non-current |
49,887 |
|
54,956 |
Other non-current liabilities |
14,743 |
|
18,655 |
Total liabilities |
1,157,348 |
|
1,216,187 |
|
|
|
|
Mezzanine equity: |
|
|
|
Contingent performance awards |
1,093 |
|
2,476 |
Total mezzanine equity |
1,093 |
|
2,476 |
|
|
|
|
Equity: |
|
|
|
Common Stock, |
70 |
|
70 |
Additional paid-in capital |
1,905,871 |
|
1,879,009 |
Accumulated deficit |
(1,957,626) |
|
(1,763,260) |
Accumulated other comprehensive loss |
(12,344) |
|
(10,704) |
|
(8,123) |
|
(7,718) |
|
(72,152) |
|
97,397 |
Non-controlling interests |
— |
|
— |
Total equity |
(72,152) |
|
97,397 |
Total liabilities and equity |
$ 1,086,289 |
|
$ 1,316,060 |
|
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||
(Unaudited, in thousands except share and per share data) |
|||||||
|
|||||||
|
Three Months Ended |
|
Six Months Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Revenue |
$ 196,285 |
|
$ 335,062 |
|
$ 393,386 |
|
$ 686,874 |
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
Cost of revenue (exclusive of items shown |
191,690 |
|
327,903 |
|
389,950 |
|
681,694 |
Technology and development |
10,529 |
|
14,430 |
|
21,610 |
|
30,303 |
Sales and marketing |
21,480 |
|
23,149 |
|
42,917 |
|
48,952 |
General and administrative |
35,949 |
|
40,065 |
|
72,186 |
|
79,481 |
Depreciation and amortization |
15,593 |
|
15,123 |
|
30,988 |
|
29,568 |
(Gain) loss on sale of aircraft held for sale |
234 |
|
(2,621) |
|
(2,490) |
|
(3,487) |
Impairment of goodwill |
— |
|
70,000 |
|
— |
|
70,000 |
Total costs and expenses |
275,475 |
|
488,049 |
|
555,161 |
|
936,511 |
|
|
|
|
|
|
|
|
Loss from operations |
(79,190) |
|
(152,987) |
|
(161,775) |
|
(249,637) |
|
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
|
|
Gain (loss) on disposal of assets, net |
136 |
|
(1,538) |
|
1,576 |
|
(1,538) |
Loss on extinguishment of debt |
(805) |
|
(870) |
|
(2,511) |
|
(870) |
Change in fair value of warrant liability |
(70) |
|
621 |
|
(98) |
|
746 |
Interest income |
285 |
|
1,865 |
|
341 |
|
5,686 |
Interest expense |
(16,667) |
|
(7,658) |
|
(31,222) |
|
(15,777) |
Other income (expense), net |
(221) |
|
(42) |
|
(350) |
|
103 |
Total other income (expense) |
(17,342) |
|
(7,622) |
|
(32,264) |
|
(11,650) |
|
|
|
|
|
|
|
|
Loss before income taxes |
(96,532) |
|
(160,609) |
|
(194,039) |
|
(261,287) |
|
|
|
|
|
|
|
|
Income tax benefit (expense) |
(441) |
|
16 |
|
(327) |
|
(172) |
|
|
|
|
|
|
|
|
Net loss |
(96,973) |
|
(160,593) |
|
(194,366) |
|
(261,459) |
Less: Net loss attributable to non-controlling |
— |
|
— |
|
— |
|
— |
Net loss attributable to |
$ (96,973) |
|
$ (160,593) |
|
$ (194,366) |
|
$ (261,459) |
|
|
|
|
|
|
|
|
Net loss per share of Common Stock |
|
|
|
|
|
|
|
Basic and diluted |
$ (0.14) |
|
$ (6.28) |
|
$ (0.28) |
|
$ (10.27) |
|
|
|
|
|
|
|
|
Weighted-average shares of Common Stock |
|
|
|
|
|
|
|
Basic and diluted |
697,458,966 |
|
25,570,200 |
|
697,403,388 |
|
25,446,199 |
|
|||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||
(Unaudited, in thousands) |
|||
|
|||
|
Six Months Ended |
||
|
2024 |
|
2023 |
Cash flows from operating activities |
|
|
|
Net loss |
$ (194,366) |
|
$ (261,459) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
Depreciation and amortization |
30,988 |
|
29,568 |
Equity-based compensation |
25,479 |
|
18,142 |
Payment in kind interest |
20,501 |
|
— |
Amortization (accretion) of deferred financing costs and debt discount |
(1,328) |
|
1,124 |
Change in fair value of warrant liability |
98 |
|
(746) |
Gain on sale of aircraft held for sale |
(5,208) |
|
(3,487) |
Loss on extinguishment of debt |
2,511 |
|
870 |
Impairment of goodwill |
— |
|
70,000 |
Other |
4,653 |
|
1,519 |
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
1,502 |
|
27,698 |
Parts and supplies inventories |
2,635 |
|
5,637 |
Aircraft inventory |
1,673 |
|
(2,008) |
Prepaid expenses |
20,204 |
|
(14,499) |
Other non-current assets |
17,473 |
|
(16,420) |
Accounts payable |
9,287 |
|
9,166 |
Accrued expenses |
(14,232) |
|
(32,393) |
Deferred revenue |
(21,378) |
|
(248,358) |
Other assets and liabilities |
(1,275) |
|
3,976 |
Net cash used in operating activities |
(100,783) |
|
(411,670) |
|
|
|
|
Cash flows from investing activities |
|
|
|
Purchases of property and equipment |
(9,633) |
|
(12,201) |
Purchases of aircraft held for sale |
(2,313) |
|
(961) |
Proceeds from sale of aircraft held for sale, net |
37,856 |
|
24,981 |
Proceeds from sale of divested business, net |
5,903 |
|
— |
Capitalized software development costs |
(7,825) |
|
(12,924) |
Other |
105 |
|
194 |
Net cash provided (used in) by investing activities |
24,093 |
|
(911) |
|
|
|
|
Cash flows from financing activities |
|
|
|
Purchase shares for treasury |
(404) |
|
— |
Purchase of fractional shares |
— |
|
(3) |
Repayments of long-term debt |
(40,992) |
|
(18,680) |
Net cash used in financing activities |
(41,396) |
|
(18,683) |
|
|
|
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
(1,175) |
|
(540) |
|
|
|
|
Net decrease in cash, cash equivalents and restricted cash |
(119,261) |
|
(431,804) |
Cash, cash equivalents and restricted cash, beginning of period |
292,825 |
|
620,153 |
Cash, cash equivalents and restricted cash, end of period |
$ 173,564 |
|
$ 188,349 |
Definitions of Non-GAAP Financial Measures
Adjusted EBITDA. We calculate Adjusted EBITDA as Net income (loss) adjusted for (i) Interest income (expense), (ii) Income tax expense, (iii) Depreciation and amortization, (iv) equity-based compensation expense, (v) acquisition and integration related expenses and (vi) other items not indicative of our ongoing operating performance, including but not limited to, restructuring charges.
We include Adjusted EBITDA as a supplemental measure for assessing operating performance and for the following: to be used in conjunction with bonus program target achievement determinations, strategic internal planning, annual budgeting, allocating resources and making operating decisions; and to provide useful information for historical period-to-period comparisons of our business, as it removes the effect of certain non-cash expenses and other items not indicative of our ongoing operating performance.
Adjusted Contribution and Adjusted Contribution Margin. We calculate Adjusted Contribution as gross profit (loss) excluding Depreciation and amortization and adjusted further for equity-based compensation included in Cost of revenue and other items included in Cost of revenue that are not indicative of our ongoing operating performance. Adjusted Contribution Margin is calculated by dividing Adjusted Contribution by total revenue.
We include Adjusted Contribution and Adjusted Contribution Margin as supplemental measures for assessing operating performance and for the following: to be used to understand our ability to achieve profitability over time through scale and leveraging costs; and to provide useful information for historical period-to-period comparisons of our business and to identify trends.
Total Private Jet Flight Transaction Value and Total Flight Transaction Value. We calculate Total Private Jet Flight Transaction Value as 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 Private Jet Flight Transaction Value reflects the Flight revenue recognized from Programmatic Flights (as defined below) and private charter flights by members and customers. "Programmatic Flights" are all flights that were flown subject to a Wheels Up Member Flight Service Agreement, Custom Corporate Agreement or other similar agreement (excluding jet cards) that provides for guaranteed aircraft availability, shorter call-out periods, capped or fixed rate pricing, and other benefits.
We calculate Total Flight Transaction Value as Total Private Jet Flight Transaction Value, plus Other Charter FTV (as defined below).
We include Total Private Jet Flight Transaction Value and Total Flight Transaction Value as supplemental measures for assessing the size of the markets which we serve.
Definitions of Key Operating Metrics
Active Members. We define Active Members as the number of membership accounts that generated membership revenue in the applicable period and are active as of the end of the reporting period. We use Active Members to assess the adoption of our premium offerings which is a key factor in our penetration of the market in which we operate and a key driver of membership and flight revenue.
Active Users. We define Active Users as Active Members as of the reporting date plus unique non-member customers who completed a revenue generating flight at least once in the applicable period and excluding wholesale flight activity. While a unique customer can complete multiple revenue generating flights on our platform in a given period, that unique customer is counted as only one Active User. We use Active Users to assess the adoption of our platform and frequency of transactions, which are key factors in our penetration of the markets in which we operate and our ability to generate revenue.
On-Time Performance (D-60). We define On-Time Performance (D-60) as the percentage of total flights flown that departed within 60 minutes of the scheduled time, inclusive of air traffic control, weather, maintenance and customer delays. On-Time Performance (D-60) excludes all cancelled flights and wholesale flight activity.
Completion Rate. We define Completion Rate as the percentage of total scheduled flights operated and completed. Completion Rate excludes customer-initiated flight cancellations and wholesale flight activity.
Live Flight Legs. We define Live Flight Legs as the number of completed one-way revenue generating private jet flight legs in the applicable period, excluding empty repositioning legs and owner legs related to aircraft under management. We believe Live Flight Legs is a useful metric to measure the scale and usage of our platform, and our ability to generate flight revenue.
Total Private Jet Flight Transaction Value per Live Flight Leg. We use Total Private Jet Flight Transaction Value per Live Flight Leg to measure the average gross spend by members and customers for each Live Flight Leg. See "Definitions of Non-GAAP Financial Measures" above for more information regarding our use and definition of Total Private Jet Flight Transaction Value.
Private Jet Charter FTV. We define Private Jet Charter FTV as the sum of total gross spend by members and customers on all private charter flights that are at market-based rates and are not Programmatic Flights. Private Jet Charter FTV excludes customer gross spend attributable to all group charter flights with 15 or more passengers and cargo flight services. We use Private Jet Charter FTV to measure the size of our private jet charter business relative to the overall industry. See "Definitions of Non-GAAP Financial Measures" above for more information about the use of Private Jet Charter FTV in the calculation of Total Private Jet Flight Transaction Value and Total Flight Transaction Value.
Other Charter FTV. We define Other Charter FTV as the sum of total gross spend by customers on all group charter flights with 15 or more passengers and cargo flight services. We use Other Charter FTV to measure the size of our group charter and cargo charter businesses relative to the overall industry. See "Definitions of Non-GAAP Financial Measures" above for more information about the use of Other Charter FTV in the calculation of Total Flight Transaction Value.
Total Charter FTV. We define Total Charter FTV as the sum of Private Jet Charter FTV and Other Charter FTV. We use Total Charter FTV to measure the size of our total charter business relative to the overall industry.
Reconciliations of Non-GAAP Financial Measures |
|||||||
|
|||||||
Adjusted EBITDA |
|||||||
|
|||||||
The following table reconciles Adjusted EBITDA to Net loss, which is the most directly comparable GAAP measure (in thousands): |
|||||||
|
|||||||
|
Three Months Ended |
|
Six Months Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Net loss |
$ (96,973) |
|
$ (160,593) |
|
$ (194,366) |
|
$ (261,459) |
Add back (deduct) |
|
|
|
|
|
|
|
Interest expense |
16,667 |
|
7,658 |
|
31,222 |
|
15,777 |
Interest income |
(285) |
|
(1,865) |
|
(341) |
|
(5,686) |
Income tax expense |
441 |
|
(16) |
|
327 |
|
172 |
Other expense, net |
221 |
|
42 |
|
350 |
|
(103) |
Depreciation and amortization |
15,593 |
|
15,123 |
|
30,988 |
|
29,568 |
Change in fair value of warrant liability |
70 |
|
(621) |
|
98 |
|
(746) |
Gain (loss) on disposal of assets, net |
(136) |
|
1,538 |
|
(1,576) |
|
1,538 |
Equity-based compensation expense |
14,268 |
|
6,604 |
|
25,479 |
|
18,142 |
Acquisition and integration expense(1) |
— |
|
74 |
|
— |
|
2,108 |
Restructuring charges(2) |
4,371 |
|
8,201 |
|
6,515 |
|
18,692 |
|
458 |
|
9,170 |
|
3,481 |
|
16,130 |
Certificate consolidation expense(4) |
3,674 |
|
4,873 |
|
4,812 |
|
7,520 |
Impairment of goodwill(5) |
— |
|
70,000 |
|
— |
|
70,000 |
Other(6) |
4,276 |
|
(491) |
|
6,427 |
|
(871) |
Adjusted EBITDA |
$ (37,355) |
|
$ (40,303) |
|
$ (86,584) |
|
$ (89,218) |
__________________ |
|
(1) |
Consists of expenses incurred associated with acquisitions, as well as integration-related charges incurred within one year of acquisition date primarily related to system conversions, re-branding costs and fees paid to external advisors. |
(2) |
For the three and six months ended |
(3) |
Consists of expenses associated with establishing the member operations center in the |
(4) |
Consists of expenses incurred to execute the consolidation of our |
(5) |
Represents a non-cash impairment charge related to goodwill recognized in the second quarter of 2023. |
(6) |
Includes (i) collections of certain aged receivables which were added back to Net loss in the reconciliation presented for the twelve months ended |
Refer to "Supplemental Expense Information" below, for further information.
Adjusted Contribution and Adjusted Contribution Margin |
|||||||
|
|||||||
The following table reconciles Adjusted Contribution to gross profit (loss), which is the most directly comparable GAAP measure (in thousands): |
|||||||
|
|||||||
|
Three Months Ended |
|
Six Months Ended |
||||
|
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) |
Gross profit (loss) |
(10,998) |
|
(7,964) |
|
(27,552) |
|
(24,388) |
Gross margin |
(5.6) % |
|
(2.4) % |
|
(7.0) % |
|
(3.6) % |
Add back: |
|
|
|
|
|
|
|
Depreciation and amortization |
15,593 |
|
15,123 |
|
30,988 |
|
29,568 |
Equity-based compensation expense in Cost of |
816 |
|
1,092 |
|
1,562 |
|
2,271 |
Restructuring charges in Cost of revenue(1) |
3,703 |
|
— |
|
3,703 |
|
755 |
|
458 |
|
7,999 |
|
1,860 |
|
11,798 |
Certificate consolidation expense in Cost of |
2,445 |
|
1,840 |
|
3,471 |
|
4,441 |
Other in Cost of revenue(4) |
3,281 |
|
— |
|
3,281 |
|
— |
Adjusted Contribution |
$ 15,298 |
|
$ 18,090 |
|
$ 17,313 |
|
$ 24,445 |
Adjusted Contribution Margin |
7.8 % |
|
5.4 % |
|
4.4 % |
|
3.6 % |
__________________ |
|
(1) |
For the three and six months ended |
(2) |
Consists of expenses associated with establishing the |
(3) |
Consists of expenses incurred to execute the consolidation of our |
(4) |
Consists of amounts reserved during the second quarter of 2024 related to Parts and supplies inventory deemed in excess after revision of future business needs associated with strategic business initiatives. |
Total Private Jet Flight Transaction Value and Total Flight Transaction Value |
||||||
|
||||||
The following table reconciles each of Total Private Jet Flight Transaction Value and Total Flight Transaction Value to Flight revenue, which is the most directly comparable U.S. GAAP measure (in thousands): |
||||||
|
||||||
|
Three Months Ended |
Six Months Ended |
||||
|
2024 |
|
2023 |
2024 |
|
2023 |
Flight revenue |
$ 163,684 |
|
$ 235,284 |
$ 314,613 |
|
$ 467,046 |
Add back (deduct): |
|
|
|
|
|
|
Private Jet Charter Revenue in Flight |
(59,994) |
|
(52,235) |
(107,848) |
|
(92,416) |
Private Jet Charter FTV(2) |
113,153 |
|
83,665 |
201,841 |
|
150,193 |
Total Private Jet Flight Transaction Value |
216,843 |
|
266,714 |
408,606 |
|
524,823 |
Other Charter FTV(2) |
48,503 |
|
55,204 |
81,414 |
|
86,287 |
Total Flight Transaction Value |
$ 265,346 |
|
$ 321,918 |
$ 490,020 |
|
$ 611,110 |
__________________ |
|
(1) |
Represents the portion of Flight revenue not attributable to Programmatic Flights. |
(2) |
See "Definitions of Key Operating Metrics" above for more information about Private Jet Charter FTV and Other Charter FTV. |
Supplemental Revenue Information |
|||||||
|
|||||||
(In thousands) |
Three Months Ended |
|
Change in |
||||
2024 |
|
2023 |
|
$ |
|
% |
|
Membership |
$ 16,046 |
|
$ 21,478 |
|
$ (5,432) |
|
(25) % |
Flight |
163,684 |
|
235,284 |
|
(71,600) |
|
(30) % |
Aircraft management |
2,957 |
|
48,502 |
|
(45,545) |
|
(94) % |
Other |
13,598 |
|
29,798 |
|
(16,200) |
|
(54) % |
Total |
$ 196,285 |
|
$ 335,062 |
|
$ (138,777) |
|
(41) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
Six Months Ended |
|
Change in |
||||
2024 |
|
2023 |
|
$ |
|
% |
|
Membership |
$ 32,900 |
|
$ 43,158 |
|
$ (10,258) |
|
(24) % |
Flight |
314,613 |
|
467,046 |
|
(152,433) |
|
(33) % |
Aircraft management |
6,150 |
|
112,196 |
|
(106,046) |
|
(95) % |
Other |
39,723 |
|
64,474 |
|
(24,751) |
|
(38) % |
Total |
$ 393,386 |
|
$ 686,874 |
|
$ (293,488) |
|
(43) % |
Supplemental Expense Information |
|||||||||
|
|||||||||
|
Three Months Ended |
||||||||
|
Cost of |
|
Technology |
|
Sales and |
|
General and |
|
Total |
Equity-based compensation expense |
$ 816 |
|
$ 353 |
|
$ 132 |
|
$ 12,967 |
|
$ 14,268 |
Restructuring charges |
3,703 |
|
— |
|
51 |
|
617 |
|
4,371 |
|
458 |
|
— |
|
— |
|
— |
|
458 |
Certificate consolidation expense |
2,445 |
|
— |
|
— |
|
1,229 |
|
3,674 |
Other |
3,281 |
|
— |
|
— |
|
995 |
|
4,276 |
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
||||||||
|
Cost of |
|
Technology |
|
Sales and |
|
General and |
|
Total |
Equity-based compensation expense |
$ 1,562 |
|
$ 636 |
|
$ 267 |
|
$ 23,014 |
|
$ 25,479 |
Restructuring charges |
3,703 |
|
— |
|
1,648 |
|
1,164 |
|
6,515 |
|
1,860 |
|
— |
|
— |
|
1,621 |
|
3,481 |
Certificate consolidation expense |
3,471 |
|
— |
|
— |
|
1,341 |
|
4,812 |
Other |
3,281 |
|
— |
|
— |
|
3,146 |
|
6,427 |
|
|||||||||
|
Three Months Ended |
||||||||
|
Cost of |
|
Technology |
|
Sales and |
|
General and |
|
Total |
Equity-based compensation expense |
$ 1,092 |
|
$ 673 |
|
$ 641 |
|
$ 4,198 |
|
$ 6,604 |
Acquisition and integration expenses |
— |
|
— |
|
— |
|
74 |
|
74 |
Restructuring charges |
— |
|
— |
|
— |
|
8,202 |
|
8,201 |
|
7,999 |
|
201 |
|
— |
|
970 |
|
9,170 |
Certificate consolidation expense |
1,840 |
|
— |
|
— |
|
3,033 |
|
4,873 |
Other |
— |
|
— |
|
— |
|
(491) |
|
(491) |
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
||||||||
|
Cost of |
|
Technology |
|
Sales and |
|
General and |
|
Total |
Equity-based compensation expense |
$ 2,271 |
|
$ 1,157 |
|
$ 1,341 |
|
$ 13,373 |
|
$ 18,142 |
Acquisition and integration expenses |
— |
|
53 |
|
134 |
|
1,921 |
|
2,108 |
Restructuring charges |
755 |
|
2,299 |
|
2,058 |
|
13,581 |
|
18,692 |
|
11,798 |
|
201 |
|
— |
|
4,131 |
|
16,130 |
Certificate consolidation expense |
4,441 |
|
— |
|
— |
|
3,079 |
|
7,520 |
Other |
— |
|
— |
|
— |
|
(871) |
|
(871) |
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