Wheels Up Experience Inc. (NYSE:UP) Q1 2024 Earnings Call Transcript

Wheels Up Experience Inc. (NYSE:UP) Q1 2024 Earnings Call Transcript May 10, 2024

Wheels Up Experience Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Welcome to the Wheels Up First Quarter 2024 Webcast. It is my pleasure to introduce Keith Ferguson with Wheels Up. Keith, you may proceed.

Keith Ferguson: Thank you. This morning we announced our first quarter results. The earnings release with its supporting tables, as well as a copy of today’s presentation can be found on our Investor Relations website at wheelsup.com/investors. Please refer to the slide with our disclaimer. Today’s presentation contains forward-looking statements based on our current forecasts and expectations of future events. These statements should be considered estimates only and actual results may differ materially. During today’s webcast, we will refer to non-GAAP financial measures as outlined by SEC guidelines. Unless otherwise noted, all income statement related financial measures will be non-GAAP other than revenue. Reconciliations of GAAP to non-GAAP financial measures and definitions of non-GAAP financial measures are found within the financial tables of our earnings release and appendix of today’s presentation.

With that, I would like to turn it over to Wheels Up’s Chief Executive Officer, George Mattson.

George Mattson: Thank you, Keith, and thanks to all of you for joining us today. Over the course of the last year, Wheels Up has taken significant steps towards delivering on our commitment to lead the industry in operational excellence while driving efficiency, profitability and durability across our business model. Last year, we made the decision to publicly disclose details on our operational performance in an effort to provide transparency on our journey to being the best-run private aviation company globally. I’m pleased to report that we’ve seen continued operational momentum as we enter into what are seasonally strong periods of demand. In the first quarter, both completion rate and on-time performance exceeded our internal goals, coming in at 98% and 87%, respectively.

These results were driven by strong underlying performance improvements within key elements of the operations, including maintenance and dispatch availability of our aircraft under our new operational leadership team. As we deliver on these goals and in keeping with our mindset of continuous improvement, we’ve begun to focus on an additional internal benchmark we call Brand Days, a metric created by Delta to recognize operational excellence. A Brand Day is a day in which we have zero cancellations of any type across our entire controlled fleet. I’m proud to report that in Q1, we had 27 Brand Days, by far the highest in over two years since we started tracking that metric. Operational excellence is a continuous journey and our team is excited to be delivering for customers every day.

See also

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