Group 1 - Investors are pushing back against high valuations in the stock market as Q2 earnings season concludes [1] - It is suggested that this period presents an opportunity to adopt a "risk-on" approach by investing in lesser-known, underappreciated small- and mid-cap stocks [1] - The analyst has extensive experience in covering technology companies and has been involved with seed-round startups, providing insights into current industry themes [1]

Wheels Up Experience (UP) Conference September 04, 2025 12:50 PM ET Company ParticipantsSheila Kahyaoglu - Aerospace & Defense & Airlines Equity ResearchGeorge Mattson - CEO & Member of the BoardSheila KahyaogluSheila Kailu with the Jefferies Aerospace Defense and Airlines Equity Research team. Thanks so much for being here today. We have Wheels Up. This has been a long road in the making, but if you don't know George Maxon yet, you should get to know him. He's CEO of, Wheels Up, and, he got there through b ...

Core Insights - Wheels Up Experience Inc. has sold three non-core services businesses for approximately $20 million, aiming to reinvest the proceeds into fleet modernization and general corporate purposes [1][2] - The divestiture is part of a broader strategy to enhance operational performance, streamline business operations, and strengthen the company's balance sheet, with an estimated $50 million in cost efficiencies expected from recent initiatives [2] Company Overview - Wheels Up is a leading provider of on-demand private aviation in the U.S., featuring a diverse fleet and a global network of safety-vetted charter operators, emphasizing safety and service [3] - The company offers charter and membership programs, along with commercial travel benefits through a partnership with Delta Air Lines, and also provides cargo services to various clients, including government organizations [3]

PART I. FINANCIAL INFORMATION [ITEM 1. FINANCIAL STATEMENTS](index=5&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) Presents unaudited condensed consolidated financial statements, including balance sheets, statements of operations, comprehensive loss, equity, and cash flows, with detailed notes [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Presents the company's financial position, detailing assets, liabilities, and equity at specific dates **Condensed Consolidated Balance Sheets (Unaudited, in thousands):** | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | **ASSETS** | | | | Cash and cash equivalents | $107,000 | $216,426 | | Total current assets | $233,671 | $332,069 | | Total assets | $1,005,726 | $1,158,011 | | **LIABILITIES AND EQUITY** | | | | Deferred revenue, current | $727,099 | $749,432 | | Total current liabilities | $902,180 | $917,284 | | Long-term debt, net | $391,335 | $376,308 | | Total liabilities | $1,353,477 | $1,354,239 | | Total equity | $(347,751) | $(202,109) | - Total assets decreased by **$152.285 million** from December 31, 2024, to June 30, 2025, primarily driven by a significant reduction in cash and cash equivalents[9](index=9&type=chunk) - Total equity saw a substantial decrease, moving from a deficit of **$202.109 million** at December 31, 2024, to a deficit of **$347.751 million** at June 30, 2025[12](index=12&type=chunk) [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Details the company's revenues, expenses, and net loss over specific reporting periods **Condensed Consolidated Statements of Operations (Unaudited, in thousands, except per share data):** | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $189,637 | $196,285 | $367,167 | $393,386 | | Total costs and expenses | $249,237 | $275,339 | $507,533 | $556,988 | | Loss from operations | $(59,600) | $(79,054) | $(140,366) | $(163,602) | | Net loss | $(82,299) | $(96,973) | $(181,612) | $(194,366) | | Basic and diluted net loss per share | $(0.12) | $(0.14) | $(0.26) | $(0.28) | - Net loss improved for both the three months (**$82.3 million** vs. **$97.0 million**) and six months (**$181.6 million** vs. **$194.4 million**) ended June 30, 2025, compared to the prior year, indicating a reduction in losses[14](index=14&type=chunk) - Revenue decreased by **3%** for the three months and **7%** for the six months ended June 30, 2025, compared to the same periods in 2024[14](index=14&type=chunk) [Condensed Consolidated Statements of Comprehensive Loss](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) Reports net loss and other comprehensive income/loss items, such as foreign currency adjustments **Condensed Consolidated Statements of Comprehensive Loss (Unaudited, in thousands):** | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss | $(82,299) | $(96,973) | $(181,612) | $(194,366) | | Foreign currency translation adjustments | $6,472 | $(98) | $9,578 | $(1,640) | | Comprehensive loss | $(75,827) | $(97,071) | $(172,034) | $(196,006) | - Comprehensive loss improved for both the three months (**$75.8 million** vs. **$97.1 million**) and six months (**$172.0 million** vs. **$196.0 million**) ended June 30, 2025, compared to the prior year, largely due to positive foreign currency translation adjustments in 2025[16](index=16&type=chunk) [Condensed Consolidated Statements of Equity](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) Outlines changes in stockholders' equity, including common stock, paid-in capital, and accumulated deficit **Condensed Consolidated Statements of Equity (Unaudited, in thousands, except share data):** | Metric | Balance at December 31, 2024 | Balance at June 30, 2025 | | :----------------------------------- | :--------------------------- | :----------------------- | | Common Stock (shares) | 698,342,097 | 699,803,945 | | Additional paid-in capital | $1,921,581 | $1,948,418 | | Accumulated deficit | $(2,102,895) | $(2,284,507) | | Total Wheels Up Experience Inc. stockholders' equity | $(202,109) | $(347,751) | - Total stockholders' equity decreased significantly from a deficit of **$202.1 million** at December 31, 2024, to **$347.8 million** at June 30, 2025, primarily due to accumulated deficit and treasury stock repurchases[19](index=19&type=chunk)[117](index=117&type=chunk) - Equity-based compensation contributed **$16.587 million** to additional paid-in capital during the six months ended June 30, 2025[19](index=19&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Summarizes cash inflows and outflows from operating, investing, and financing activities **Condensed Consolidated Statements of Cash Flows (Unaudited, in thousands):** | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :--------------------------- | :--------------------------- | | Net cash used in operating activities | $(110,804) | $(98,956) | | Net cash provided by investing activities | $19,914 | $24,093 | | Net cash used in financing activities | $(17,560) | $(41,396) | | Net decrease in cash, cash equivalents and restricted cash | $(105,226) | $(117,434) | | Cash, cash equivalents and restricted cash, end of period | $141,242 | $175,391 | - Net cash used in operating activities increased to **$110.8 million** for the six months ended June 30, 2025, from **$99.0 million** in the prior year, primarily due to the net loss and changes in working capital[24](index=24&type=chunk)[226](index=226&type=chunk) - Net cash provided by investing activities decreased to **$19.9 million** in 2025 from **$24.1 million** in 2024, despite higher proceeds from aircraft sales, due to increased purchases of property and equipment[24](index=24&type=chunk)[227](index=227&type=chunk) - Net cash used in financing activities significantly decreased to **$17.6 million** in 2025 from **$41.4 million** in 2024, driven by lower repayments of long-term debt and proceeds from new Revolving Equipment Notes[24](index=24&type=chunk)[228](index=228&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations and disclosures supporting the condensed consolidated financial statements [1. SUMMARY OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES](index=12&type=section&id=1.%20SUMMARY%20OF%20BUSINESS%20AND%20SIGNIFICANT%20ACCOUNTING%20POLICIES) Outlines the company's business, reporting segment, and key accounting principles and policies - Wheels Up Experience Inc. is a leading provider of on-demand private aviation in the U.S., operating as a single segment[26](index=26&type=chunk)[31](index=31&type=chunk) - The financial statements are prepared in accordance with U.S. GAAP for interim reporting and include all necessary adjustments for fair presentation[27](index=27&type=chunk) - The Company is evaluating the impact of new FASB ASUs 2023-09 (Income Tax Disclosures) and 2024-03 (Disaggregation of Income Statement Expenses), effective for fiscal years ending December 31, 2025, and 2027, respectively[32](index=32&type=chunk)[33](index=33&type=chunk) [2. REVENUE RECOGNITION](index=13&type=section&id=2.%20REVENUE%20RECOGNITION) Details the company's revenue streams, disaggregated by service type, and related deferred revenue balances **Revenue Disaggregation by Service Type (in thousands):** | Service Type | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Flights, net of discounts and incentives | $158,330 | $163,684 | $305,898 | $314,613 | | Other (point in time) | $22,827 | $16,162 | $42,611 | $44,946 | | Memberships (over time) | $7,474 | $16,046 | $16,663 | $32,900 | | Other (over time) | $1,006 | $393 | $1,995 | $927 | | Total Revenue | $189,637 | $196,285 | $367,167 | $393,386 | - Membership revenue decreased significantly by **53%** for the three months and **49%** for the six months ended June 30, 2025, compared to the prior year, due to streamlining offerings and shifting less frequent fliers to charter[34](index=34&type=chunk)[187](index=187&type=chunk)[200](index=200&type=chunk) - Deferred revenue totaled **$727.1 million** as of June 30, 2025, with **$358.6 million** expected to be recognized in the remainder of 2025[36](index=36&type=chunk)[37](index=37&type=chunk) [3. PROPERTY AND EQUIPMENT](index=15&type=section&id=3.%20PROPERTY%20AND%20EQUIPMENT) Presents the net book value of property and equipment, including aircraft and software development costs **Property and Equipment, Net (in thousands):** | Asset Category | June 30, 2025 | December 31, 2024 | | :----------------------------------- | :------------ | :---------------- | | Aircraft | $397,523 | $443,193 | | Software development costs | $93,325 | $85,112 | | Total Property and equipment, net | $317,912 | $348,339 | - Total property and equipment, net, decreased by **$30.4 million** from December 31, 2024, to June 30, 2025, primarily due to a reduction in aircraft value[40](index=40&type=chunk) - Amortization expense for software development costs increased to **$11.0 million** for the six months ended June 30, 2025, from **$10.6 million** in the prior year[41](index=41&type=chunk) [4. GOODWILL AND INTANGIBLE ASSETS](index=15&type=section&id=4.%20GOODWILL%20AND%20INTANGIBLE%20ASSETS) Details the company's goodwill, intangible assets, and related amortization expenses and liabilities **Goodwill and Intangible Assets (in thousands):** | Metric | June 30, 2025 | December 31, 2024 | | :----------------------------------- | :------------ | :---------------- | | Goodwill | $224,419 | $217,045 | | Intangible assets, net | $87,367 | $96,904 | | Intangible liabilities, net | $9,914 | $10,677 | - Goodwill increased by **$7.374 million** due to foreign currency translation adjustments[42](index=42&type=chunk) - Net intangible assets decreased by **$9.537 million**, while intangible liabilities decreased by **$0.763 million** from December 31, 2024, to June 30, 2025[43](index=43&type=chunk)[45](index=45&type=chunk) - Future amortization expense for intangible assets is projected to be **$10.290 million** for the remainder of 2025 and **$19.703 million** in 2026[46](index=46&type=chunk) [5. CASH EQUIVALENTS AND RESTRICTED CASH](index=17&type=section&id=5.%20CASH%20EQUIVALENTS%20AND%20RESTRICTED%20CASH) Provides a breakdown of cash, cash equivalents, and restricted cash balances at period-end **Cash, Cash Equivalents, and Restricted Cash (in thousands):** | Metric | June 30, 2025 | December 31, 2024 | | :----------------------------------- | :------------ | :---------------- | | Cash and cash equivalents | $107,000 | $216,426 | | Restricted cash | $34,242 | $30,042 | | Total | $141,242 | $246,468 | - Cash and cash equivalents decreased by **$109.426 million** from December 31, 2024, to June 30, 2025, primarily due to a reduction in money market funds[48](index=48&type=chunk) - Restricted cash increased by **$4.2 million**, mainly due to funds held for contractual restrictions and standby letters of credit[49](index=49&type=chunk) [6. LONG-TERM DEBT](index=18&type=section&id=6.%20LONG-TERM%20DEBT) Details the company's long-term debt obligations, including Revolving Equipment Notes and Term Loan **Long-Term Debt, Net (in thousands):** | Debt Type | Maturity Date | Interest Rate (June 30, 2025) | June 30, 2025 | December 31, 2024 | | :----------------------------------- | :------------ | :---------------------------- | :------------ | :---------------- | | Revolving Equipment Notes | 2029 | SOFR + 1.75% | $300,136 | $317,484 | | Term Loan | 2028 | 10.0% | $470,357 | $443,864 | | Total debt | | | $770,493 | $761,348 | | Long-term debt, net | | | $391,335 | $376,308 | - Total debt increased by **$9.145 million** to **$770.493 million** as of June 30, 2025, primarily due to the Term Loan[51](index=51&type=chunk) - The Revolving Equipment Notes Facility has an aggregate principal amount up to **$332.0 million**, with **$300.1 million** outstanding as of June 30, 2025, and **$31.2 million** available for future aircraft acquisitions[53](index=53&type=chunk)[218](index=218&type=chunk) - The Term Loan, totaling **$390.0 million**, accrues interest at **10%** per annum, payable-in-kind, and matures on September 20, 2028[64](index=64&type=chunk)[65](index=65&type=chunk) [7. FAIR VALUE MEASUREMENTS](index=22&type=section&id=7.%20FAIR%20VALUE%20MEASUREMENTS) Discloses fair value measurements for financial instruments, categorized by valuation input levels **Fair Value Measurements (in thousands):** | Financial Instrument | Level | June 30, 2025 Fair Value | December 31, 2024 Fair Value | | :----------------------------------- | :---- | :----------------------- | :--------------------------- | | Money market funds | 1 | $20,995 | $80,812 | | Warrant liability - Public Warrants | 2 | $13 | $13 | | Warrant liability - Private Warrants | 2 | $7 | $7 | | Revolving Equipment Notes | 3 | $307,927 | $317,484 | | Term Loan | 3 | $307,556 | $284,845 | - Money market funds, classified as Level 1, decreased significantly from **$80.8 million** to **$21.0 million**[77](index=77&type=chunk) - The Term Loan's fair value (Level 3) increased to **$307.6 million** from **$284.8 million**, estimated using a discounted cash flow analysis[77](index=77&type=chunk)[82](index=82&type=chunk) [8. LEASES](index=24&type=section&id=8.%20LEASES) Presents information on the company's lease arrangements, including lease costs and right-of-use assets **Net Lease Cost (in thousands):** | Lease Cost Type | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Operating lease costs | $3,732 | $7,509 | $9,350 | $15,049 | | Short-term lease costs | $1,797 | $173 | $2,665 | $386 | | Variable lease payments | $1,086 | $5,826 | $3,062 | $10,139 | | Total lease costs | $6,615 | $13,508 | $15,077 | $25,574 | - Total lease costs decreased by **51%** for the three months and **41%** for the six months ended June 30, 2025, compared to the prior year, driven by reductions in operating and variable lease payments[85](index=85&type=chunk) - The Company recorded a **$20.2 million** non-cash impairment charge in Q1 2025 for a right-of-use asset related to vacating a larger New York City corporate office space[87](index=87&type=chunk) - The weighted-average remaining lease term for operating leases is **6.8 years**, with a weighted-average discount rate of **10.5%** as of June 30, 2025[88](index=88&type=chunk) [9. STOCKHOLDERS' EQUITY AND EQUITY-BASED COMPENSATION](index=25&type=section&id=9.%20STOCKHOLDERS%27%20EQUITY%20AND%20EQUITY-BASED%20COMPENSATION) Details changes in stockholders' equity and expenses related to equity-based compensation plans **Equity-Based Compensation Expense (in thousands):** | Expense Type | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Compensation expense for RSUs and PSUs | $3,306 | $3,153 | $6,440 | $6,332 | | Compensation expense for Executive Performance Plans | $4,989 | $11,115 | $14,516 | $19,147 | | Total equity-based compensation expense | $8,295 | $14,268 | $20,956 | $25,479 | - Total equity-based compensation expense decreased by **42%** for the three months and **18%** for the six months ended June 30, 2025, primarily due to a reduction in Executive Performance Plans compensation[112](index=112&type=chunk) - As of June 30, 2025, unrecognized compensation cost for non-vested RSUs was **$29.9 million** (expected over **2.8 years**) and for Executive Performance Plans was **$127.9 million** (expected over **3.5 years**)[97](index=97&type=chunk)[107](index=107&type=chunk) - The Company repurchased **225,378 shares** of Common Stock for **$0.3 million** under its Share Repurchase Program during the six months ended June 30, 2025[117](index=117&type=chunk) [10. WARRANTS](index=32&type=section&id=10.%20WARRANTS) Provides information on outstanding Warrants, their terms, and exercise status - As of June 30, 2025, **12,521,494 Warrants** (Public and Private) remain outstanding, each entitling the holder to purchase **1/10th share** of Common Stock at **$115.00** per whole share, expiring on July 13, 2026[118](index=118&type=chunk) - No Warrants had been exercised as of June 30, 2025[118](index=118&type=chunk) [11. NON-CONTROLLING INTERESTS](index=32&type=section&id=11.%20NON-CONTROLLING%20INTERESTS) Explains the accounting for non-controlling interests in consolidated entities - Wheels Up consolidates MIP LLC, recording profits interests held by other members as non-controlling interests, which are treated as permanent equity[119](index=119&type=chunk) - As of June 30, 2025, the non-controlling interests weighted-average ownership percentage was nil, and no WUP common units were issuable upon conversion of vested/unvested WUP profits interests[122](index=122&type=chunk)[123](index=123&type=chunk) [12. COMMITMENTS AND CONTINGENCIES](index=33&type=section&id=12.%20COMMITMENTS%20AND%20CONTINGENCIES) Discloses significant commitments and potential liabilities, including legal proceedings and tax estimates - The Company is involved in a lawsuit against Exclusive Jets, LLC (flyExclusive) for wrongful termination of the GRP Agreement, seeking compensatory damages and return of material deposits[126](index=126&type=chunk) - The NY State Court granted Wheels Up's motion to amend its complaint, adding FE's CEO as a defendant for piercing the corporate veil[128](index=128&type=chunk) - The Company estimates a potential sales and use tax liability of **$5.5 million** as of June 30, 2025[130](index=130&type=chunk) [13. RELATED PARTIES](index=34&type=section&id=13.%20RELATED%20PARTIES) Details transactions and balances with related parties, such as Delta - Expenses from transactions with Delta related to the Commercial Cooperation Agreement decreased to **$0.2 million** for the six months ended June 30, 2025, from **$1.1 million** in the prior year[132](index=132&type=chunk) [14. INCOME TAXES](index=34&type=section&id=14.%20INCOME%20TAXES) Presents income tax expense, effective tax rates, and deferred tax asset valuation allowances **Income Tax Expense (in thousands):** | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Income tax benefit (expense) | $(959) | $(441) | $(1,037) | $(327) | | Effective tax rate | (0.5)% | (0.5)% | (0.6)% | (0.2)% | - The effective tax rate for the six months ended June 30, 2025, was **(0.6)%**, differing from the federal statutory rate primarily due to a full valuation allowance against most net deferred tax assets[134](index=134&type=chunk)[137](index=137&type=chunk) - An ownership change in Q3 2023 limits the utilization of pre-change net operating losses, but the impact is not material due to the full valuation allowance[138](index=138&type=chunk) [15. NET LOSS PER SHARE](index=36&type=section&id=15.%20NET%20LOSS%20PER%20SHARE) Calculates basic and diluted net loss per share, considering outstanding shares and anti-dilutive securities **Net Loss Per Share (in thousands, except per share data):** | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss attributable to Wheels Up Experience Inc. | $(82,299) | $(96,973) | $(181,612) | $(194,366) | | Basic and diluted net loss per share | $(0.12) | $(0.14) | $(0.26) | $(0.28) | | Weighted-average shares outstanding | 698,996,977 | 697,458,966 | 698,641,618 | 697,403,388 | - Basic and diluted net loss per share improved to **$(0.12)** for the three months and **$(0.26)** for the six months ended June 30, 2025, compared to **$(0.14)** and **$(0.28)** in the prior year, respectively[142](index=142&type=chunk) - Anti-dilutive securities, including Warrants, Earnout Shares, RSUs, and stock options, totaling **24.95 million** as of June 30, 2025, were excluded from diluted EPS calculation[145](index=145&type=chunk) [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=37&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses Wheels Up's financial condition, operational results, strategic developments, and liquidity for the periods ended June 30, 2025, versus 2024 [Overview of Our Business](index=37&type=section&id=Overview%20of%20Our%20Business) Describes Wheels Up as a leading U.S. private aviation provider, offering on-demand charter and membership programs - Wheels Up is a leading U.S. private aviation provider offering on-demand charter and membership programs, leveraging a controlled aircraft fleet and a global network of charter operators[147](index=147&type=chunk)[148](index=148&type=chunk)[152](index=152&type=chunk) - The Company is executing a fleet modernization strategy to transition from four legacy private jet models to Embraer Phenom 300 series and Bombardier Challenger 300 series aircraft, while retaining King Air 350i[153](index=153&type=chunk) **Controlled Aircraft Fleet as of June 30, 2025:** | Category | Owned | Leased | Total | | :----------------------------------- | :---- | :----- | :---- | | Premium Jets (Bombardier Challenger 300/350) | 2 | 2 | 4 | | Premium Jets (Embraer Phenom 300/350) | 17 | 1 | 18 | | Super-Midsize Jets (Cessna Citation X) | — | 24 | 24 | | Midsize Jets (Cessna Citation Excel/XLS) | 10 | 3 | 13 | | Light Jets (Cessna Citation CJ3) | — | 3 | 3 | | Light Jets (Hawker 400XP) | 25 | — | 25 | | Turboprops (King Air 350i) | 38 | — | 38 | | Total Aircraft | 92 | 35 | 127 | [Recent Developments](index=39&type=section&id=Recent%20Developments) Highlights recent strategic initiatives, including cost savings, a share repurchase program, and an extended credit facility - Wheels Up announced initiatives expected to drive approximately **$50 million** in annual cash cost savings, with full impact anticipated in Q3 and Q4 2026[157](index=157&type=chunk) - The Board approved a **$10.0 million** share repurchase program on April 30, 2025, with no expiration date[158](index=158&type=chunk) - Delta extended the availability period for the **$100.0 million** Revolving Credit Facility to September 20, 2026; no amounts were outstanding as of June 30, 2025[159](index=159&type=chunk) [Non-GAAP Financial Measures](index=39&type=section&id=Non-GAAP%20Financial%20Measures) Provides reconciliation and analysis of non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDAR, and Adjusted Contribution **Adjusted EBITDA and Adjusted EBITDAR Reconciliation (in thousands):** | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss | $(82,299) | $(96,973) | $(181,612) | $(194,366) | | Adjusted EBITDA | $(29,037) | $(37,355) | $(53,187) | $(86,584) | | Adjusted EBITDAR | $(25,119) | $(28,759) | $(43,911) | $(69,844) | **Adjusted Contribution and Adjusted Contribution Margin Reconciliation (in thousands):** | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $189,637 | $196,285 | $367,167 | $393,386 | | Gross profit (loss) | $2,192 | $(10,998) | $1,088 | $(27,552) | | Adjusted Contribution | $23,070 | $15,298 | $45,511 | $17,313 | | Adjusted Contribution Margin | 12.2% | 7.8% | 12.4% | 4.4% | - Adjusted EBITDA improved by **22%** for the three months and **39%** for the six months ended June 30, 2025, reflecting reduced operating losses[163](index=163&type=chunk) - Adjusted Contribution Margin increased significantly by **440 basis points** for the three months and **800 basis points** for the six months ended June 30, 2025, driven by cost savings and operational efficiency[169](index=169&type=chunk)[190](index=190&type=chunk)[204](index=204&type=chunk) [Key Operating Metrics](index=42&type=section&id=Key%20Operating%20Metrics) Presents key operational performance indicators, including flight legs, utility, and on-time performance **Key Operating Metrics:** | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change | | :----------------------------------- | :------------------------------- | :------------------------------- | :------- | | Total Gross Bookings (in thousands) | $261,948 | $265,346 | (1)% | | Private Jet Gross Bookings (in thousands) | $208,326 | $216,843 | (4)% | | Live Flight Legs | 11,971 | 12,855 | (7)% | | Private Jet Gross Bookings per Live Flight Leg | $17,403 | $16,868 | 3% | | Utility (monthly average hours) | 41.1 | 37.4 | 10% | | Completion Rate | 98% | 98% | n/m | | On-Time Performance (D-60) | 88% | 91% | n/m | - Live Flight Legs decreased by **7%** for both the three and six months ended June 30, 2025, compared to the prior year[173](index=173&type=chunk) - Utility (monthly average hours) increased by **10%** to **41.1 hours** for the three months ended June 30, 2025, indicating improved efficiency of controlled aircraft[173](index=173&type=chunk)[174](index=174&type=chunk) - Private Jet Gross Bookings per Live Flight Leg increased by **3%** for the three months and **9%** for the six months ended June 30, 2025, due to a greater mix of flights on larger and premium cabins[173](index=173&type=chunk)[188](index=188&type=chunk)[201](index=201&type=chunk) [Results of Operations for the Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024](index=45&type=section&id=Results%20of%20Operations%20for%20the%20Three%20Months%20Ended%20June%2030%2C%202025%20Compared%20to%20the%20Three%20Months%20Ended%20June%2030%2C%202024) Compares the company's financial performance for the three months ended June 30, 2025, against the same period in 2024 **Revenue by Type (Three Months Ended June 30, in thousands):** | Revenue Type | 2025 | 2024 | Change ($) | Change (%) | | :----------------------------------- | :----- | :----- | :--------- | :--------- | | Membership | $7,474 | $16,046 | $(8,572) | (53)% | | Flight | $158,330 | $163,684 | $(5,354) | (3)% | | Other | $23,833 | $16,555 | $7,278 | 44% | | Total | $189,637 | $196,285 | $(6,648) | (3)% | - Cost of revenue decreased by **$17.7 million (9%)**, driven by reductions in employee compensation, aircraft lease costs, and non-cash charges for parts inventory, partially offset by a **$7.7 million** increase in fleet modernization expenses[189](index=189&type=chunk) - General and administrative expenses decreased by **$5.7 million (16%)**, primarily due to a **$5.2 million** decrease in equity-based compensation related to Executive Performance Awards[193](index=193&type=chunk) - Interest expense increased by **$5.4 million (33%)**, mainly due to paid-in-kind interest associated with the Term Loan[196](index=196&type=chunk) [Results of Operations for the Six Months Ended June 30, 2025 compared to the Six Months Ended June 30, 2024](index=48&type=section&id=Results%20of%20Operations%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025%20compared%20to%20the%20Six%20Months%20Ended%20June%2030%2C%202024) Compares the company's financial performance for the six months ended June 30, 2025, against the same period in 2024 **Revenue by Type (Six Months Ended June 30, in thousands):** | Revenue Type | 2025 | 2024 | Change ($) | Change (%) | | :----------------------------------- | :----- | :----- | :--------- | :--------- | | Membership | $16,663 | $32,900 | $(16,237) | (49)% | | Flight | $305,898 | $314,613 | $(8,715) | (3)% | | Other | $44,606 | $45,873 | $(1,267) | (3)% | | Total | $367,167 | $393,386 | $(26,219) | (7)% | - Cost of revenue decreased by **$57.6 million (15%)**, driven by reduced headcount, lower aircraft lease costs, and decreased pilot travel costs, partially offset by a **$10.8 million** increase in fleet modernization expenses[203](index=203&type=chunk) - General and administrative expenses increased by **$14.9 million (21%)**, primarily due to a **$20.2 million** non-cash impairment charge for a right-of-use asset related to vacating former office space[207](index=207&type=chunk) - Interest expense increased by **$10.7 million (34%)**, mainly due to paid-in-kind interest associated with the Term Loan[210](index=210&type=chunk) [Liquidity and Capital Resources](index=51&type=section&id=Liquidity%20and%20Capital%20Resources) Discusses the company's ability to meet short-term and long-term financial obligations and funding strategies **Liquidity Position (in thousands):** | Metric | June 30, 2025 | | :----------------------------------- | :------------ | | Cash and cash equivalents | $107,000 | | Restricted cash | $34,242 | | Long-term debt obligations | $770,493 | | Working capital deficit | $668,500 | | Net cash used in operating activities (six months) | $(110,804) | - The Company expects to meet its liquidity needs for the next 12 months using cash, cash equivalents, operating cash flows, strategic asset dispositions, and borrowings under the Revolving Equipment Notes Facility and, if needed, the Revolving Credit Facility[214](index=214&type=chunk) - The Revolving Credit Facility provides **$100.0 million** in commitments from Delta, available to be drawn through September 20, 2026, with no amounts outstanding as of June 30, 2025[213](index=213&type=chunk)[220](index=220&type=chunk)[223](index=223&type=chunk) - The fleet modernization strategy is capital intensive and will be funded by existing cash, aircraft sales proceeds, operating cash flows, and available debt facilities, with potential for additional financing[230](index=230&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=56&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The Company is exposed to market risks primarily related to interest rates, aircraft fuel prices, and foreign currency exchange rates - Principal market risks include interest rates, aircraft fuel prices, and foreign currency exchange[234](index=234&type=chunk) - No material changes to market risks have occurred since the Annual Report[234](index=234&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=57&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were not effective as of June 30, 2025, due to ongoing remediation efforts for material weaknesses - Disclosure controls and procedures were not effective as of June 30, 2025, due to ongoing remediation of material weaknesses in internal control over financial reporting[237](index=237&type=chunk) - Management believes the financial statements fairly present the Company's financial position, results of operations, and cash flows[238](index=238&type=chunk) - Remediation actions include redesigning access administration, enhancing user access review, restricting elevated access, redesigning change management procedures, and engaging external advisors[240](index=240&type=chunk) - The Company aims to complete its remediation plan before December 31, 2025, with deficiencies considered remediated only after controls operate effectively for a sufficient period[241](index=241&type=chunk) PART II. OTHER INFORMATION [ITEM 1. LEGAL PROCEEDINGS](index=59&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The Company is involved in the GRP Litigation against Exclusive Jets, LLC for wrongful termination, seeking damages and return of deposits - Wheels Up filed a lawsuit against flyExclusive for wrongful termination of the GRP Agreement, seeking compensatory damages and the return of material deposits[246](index=246&type=chunk) - The NY State Court granted Wheels Up's motion to amend its complaint, adding flyExclusive's CEO as a defendant[247](index=247&type=chunk) - FlyExclusive's financial disclosures indicate a net loss, negative operating cash flows, and a significant working capital deficit, raising concerns about its ability to fund recoverable amounts[248](index=248&type=chunk) [ITEM 1A. RISK FACTORS](index=60&type=section&id=ITEM%201A.%20RISK%20FACTORS) Highlights various risk factors that could impact the Company's business, including stock price volatility due to industry changes and macroeconomic conditions - The price of Common Stock and Warrants may be volatile due to factors like changes in the private aviation industry, general market conditions, and macroeconomic conditions[252](index=252&type=chunk) - Other factors influencing stock price volatility include competitor developments, regulatory changes, operational performance, liquidity levels, stockholder actions, and global economic/political conditions[252](index=252&type=chunk) [ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=61&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) Details equity security purchases, including shares withheld for tax liabilities and repurchases under the Share Repurchase Program **Issuer Purchases of Equity Securities (Three Months Ended June 30, 2025):** | Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that may yet be Purchased under the Plans or Programs | | :----------------------------------- | :------------------------------- | :--------------------------- | :------------------------------------------------------------------------------- | :------------------------------------------------------------------------------------------------- | | April 1, 2025 through April 30, 2025 | — | $— | — | $— | | May 1, 2025 through May 31, 2025 | 31,045 | $1.64 | — | $10,000,000 | | June 1, 2025 through June 30, 2025 | 476,256 | $1.13 | 225,378 | $9,750,281 | | For the three months ended June 30, 2025 | 507,301 | $1.19 | 225,378 | | - The Company repurchased **225,378 shares** under its **$10.0 million** Share Repurchase Program during June 2025, with **$9.75 million** remaining available[253](index=253&type=chunk)[254](index=254&type=chunk) [ITEM 3. DEFAULTS UPON SENIOR SECURITIES](index=61&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) No defaults upon senior securities were reported for the period - No defaults upon senior securities[256](index=256&type=chunk) [ITEM 4. MINE SAFETY DISCLOSURES](index=61&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) This item is not applicable to the Company - Mine Safety Disclosures are not applicable[257](index=257&type=chunk) [ITEM 5. OTHER INFORMATION](index=61&type=section&id=ITEM%205.%20OTHER%20INFORMATION) Director Lee Moak terminated a Rule 10b5-1 trading arrangement for potential sale of Common Stock - Director Lee Moak terminated a Rule 10b5-1 trading arrangement for up to **63,166 shares** of Common Stock on June 13, 2025[258](index=258&type=chunk) [ITEM 6. EXHIBITS](index=62&type=section&id=ITEM%206.%20EXHIBITS) Lists all exhibits filed as part of, or incorporated by reference into, the Quarterly Report - Key exhibits include Amendment No. 3 to Credit Agreement (April 30, 2025), Amendment No. 2 to 2021 Long-Term Incentive Plan, and various certifications[261](index=261&type=chunk) [Signatures](index=64&type=section&id=Signatures) The Quarterly Report was duly signed on August 7, 2025, by the Chief Executive Officer and Chief Accounting Officer - The Quarterly Report was signed by George Mattson (CEO) and Alex Chatkewitz (Chief Accounting Officer) on August 7, 2025[267](index=267&type=chunk)

[Wheels Up Second Quarter 2025 Results](index=1&type=section&id=Wheels%20Up%20Announces%20Second%20Quarter%20Results) Wheels Up reports its second quarter 2025 results, highlighting improved profitability and strategic advancements despite a slight revenue decline [Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) Wheels Up reported a 3% revenue decline to $189.6 million in Q2 2025, but achieved significant profitability improvements with gross profit turning positive and net loss narrowing by 15% Q2 2025 Key Financial Metrics (YoY, in millions) | Metric | Q2 2025 | Q2 2024 | YoY Change | YoY % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $189.6M | $196.3M | -$6.6M | -3% | | Gross Profit (Loss) | $2.2M | ($11.0M) | +$13.2M | n/m | | Adjusted Contribution | $23.1M | $15.3M | +$7.8M | +51% | | Adjusted Contribution Margin | 12.2% | 7.8% | +4.4 pp | n/a | | Net Loss | ($82.3M) | ($97.0M) | +$14.7M | +15% | | Adjusted EBITDA Loss | ($29.0M) | ($37.4M) | +$8.3M | +22% | Q2 2025 Key Operating Metrics (YoY) | Metric | Q2 2025 | Q2 2024 | YoY % Change | | :--- | :--- | :--- | :--- | | Total Gross Bookings (in millions) | $261.9M | $265.3M | -1% | | Live Flight Legs | 11,971 | 12,855 | -7% | | Private Jet Gross Bookings per Live Flight Leg | $17,403 | $16,868 | +3% | | Utility | 41.1 | 37.4 | +10% | [Business Highlights & Strategic Initiatives](index=1&type=section&id=Business%20Highlights%20%26%20Strategic%20Initiatives) The company advances strategic initiatives including fleet modernization and Delta partnership, driving improved profitability and productivity, with a new program targeting $50 million in annual cost savings - The company's focus on more profitable flying and fleet modernization has led to a **~$13 million YoY improvement in gross profit** and a **4 percentage point increase in Adjusted Contribution Margin to 12.2%**, achieved with 33 fewer active aircraft[8](index=8&type=chunk) - Progress on fleet modernization continues, with premium Phenom and Challenger jets now comprising about **20% of the controlled fleet**, and 31 legacy aircraft retired or sold in H1 2025[8](index=8&type=chunk) - The strategic partnership with Delta is showing strong results, with corporate membership fund sales increasing by **over 25% year-over-year in Q2**[10](index=10&type=chunk) - Wheels Up is implementing initiatives expected to generate approximately **$50 million in annual cash cost savings** through efficiency and productivity improvements, with full impact anticipated by H2 2026[10](index=10&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show a narrowed net loss for Q2 and H1 2025, with total assets decreasing to $1.01 billion and cash at $107.0 million as of June 30, 2025 [Statements of Operations (Income Statement)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 revenue decreased 3% to $189.6 million, with net loss improving 15% to $82.3 million, while H1 revenue fell 7% to $367.2 million with a 7% net loss improvement Q2 2025 Statement of Operations Highlights (in thousands) | Line Item | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $189,637 | $196,285 | -3% | | Cost of revenue | $173,955 | $191,690 | -9% | | Total costs and expenses | $249,237 | $275,339 | -9% | | Loss from operations | ($59,600) | ($79,054) | +25% | | Net loss | ($82,299) | ($96,973) | +15% | | Net loss per share | ($0.12) | ($0.14) | +14% | H1 2025 Statement of Operations Highlights (in thousands) | Line Item | H1 2025 | H1 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $367,167 | $393,386 | -7% | | Cost of revenue | $332,379 | $389,950 | -15% | | Total costs and expenses | $507,533 | $556,988 | -9% | | Loss from operations | ($140,366) | ($163,602) | +14% | | Net loss | ($181,612) | ($194,366) | +7% | | Net loss per share | ($0.26) | ($0.28) | +7% | [Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were $1.01 billion, cash and cash equivalents $107.0 million, total liabilities $1.35 billion, and total equity a deficit of $347.8 million Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $107,000 | $216,426 | | Total current assets | $233,671 | $332,069 | | Total assets | $1,005,726 | $1,158,011 | | Deferred revenue, current | $727,099 | $749,432 | | Total liabilities | $1,353,477 | $1,354,239 | | Total equity | ($347,751) | ($202,109) | [Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities for H1 2025 increased to $110.8 million, with a net decrease in cash, cash equivalents, and restricted cash of $105.2 million Six Months Ended June 30 Cash Flow Summary (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($110,804) | ($98,956) | | Net cash provided by investing activities | $19,914 | $24,093 | | Net cash used in financing activities | ($17,560) | ($41,396) | | **Net decrease in cash** | **($105,226)** | **($117,434)** | [Definitions and Reconciliations](index=9&type=section&id=Definitions%20and%20Reconciliations) This section defines key operating metrics and non-GAAP financial measures, including Adjusted EBITDA and Adjusted Contribution, providing detailed reconciliations to comparable GAAP figures [Definitions of Key Metrics and Non-GAAP Measures](index=9&type=section&id=Definitions%20of%20Key%20Operating%20Metrics%20and%20Non-GAAP%20Financial%20Measures) Key operating metrics like Total Gross Bookings and Utility, alongside non-GAAP measures such as Adjusted EBITDA and Adjusted Contribution, are defined to assess performance and efficiency - **Key Operating Metrics:** - **Total Gross Bookings:** Total gross spend by customers on all private jet, group charter, and cargo flight services[28](index=28&type=chunk)[32](index=32&type=chunk) - **Live Flight Legs:** Number of completed one-way revenue-generating private jet flights[28](index=28&type=chunk)[32](index=32&type=chunk) - **Utility:** Monthly average revenue-generating flight hours per available aircraft in the controlled fleet[34](index=34&type=chunk) - **Non-GAAP Financial Measures:** - **Adjusted EBITDA:** Net loss adjusted for interest, taxes, depreciation, amortization, equity-based compensation, and other non-operating items[38](index=38&type=chunk) - **Adjusted Contribution:** Gross profit excluding depreciation & amortization and adjusted for certain other items in Cost of Revenue[41](index=41&type=chunk) [Non-GAAP Reconciliations](index=12&type=section&id=Reconciliations%20of%20Non-GAAP%20Financial%20Measures) Q2 2025 reconciliation details show Adjusted EBITDA loss of $29.0 million from a net loss of $82.3 million, and Adjusted Contribution of $23.1 million from a gross profit of $2.2 million Q2 2025 Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Description | Amount | | :--- | :--- | | **Net loss** | **($82,299)** | | Depreciation and amortization | $13,490 | | Interest expense, net | $21,248 | | Equity-based compensation expense | $8,295 | | Fleet modernization expense | $7,972 | | Other adjustments | $2,257 | | **Adjusted EBITDA** | **($29,037)** | Q2 2025 Reconciliation of Gross Profit to Adjusted Contribution (in thousands) | Description | Amount | | :--- | :--- | | **Gross profit** | **$2,192** | | Depreciation and amortization | $13,490 | | Fleet modernization expense in Cost of revenue | $7,725 | | Other adjustments | ($337) | | **Adjusted Contribution** | **$23,070** | [Supplemental Revenue and Expense Information](index=14&type=section&id=Supplemental%20Revenue%20and%20Expense%20Information) Q2 2025 revenue breakdown shows a 53% decline in Membership revenue to $7.5 million, a 3% decrease in Flight revenue, and a 44% increase in Other revenue, with fleet modernization costs totaling $8.0 million Revenue by Type - Three Months Ended June 30 (in thousands) | Revenue Type | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Membership | $7,474 | $16,046 | -53% | | Flight | $158,330 | $163,684 | -3% | | Other | $23,833 | $16,555 | +44% | | **Total** | **$189,637** | **$196,285** | **-3%** | - For Q2 2025, key supplemental expenses included **$8.3 million in equity-based compensation** and **$8.0 million in fleet modernization costs**[57](index=57&type=chunk)

Core Insights - Wheels Up Experience Inc. reported a focus on improving financial performance and customer experience through strategic realignment of its product, fleet, and operations, particularly in collaboration with Delta Air Lines [4][6][8] Financial Performance - Revenue for Q2 2025 was $189.6 million, a decrease of 3% year over year [7][9] - Total Gross Bookings for Q2 2025 were $261.9 million, consistent with the previous year [6][7] - Private Jet Gross Bookings decreased by 4% to $208.3 million compared to Q2 2024 [6][7] - Gross profit improved by $13.2 million year over year, reaching $2.2 million [7][8] - Adjusted Contribution was $23.1 million, with an Adjusted Contribution Margin of 12.2%, up 4 percentage points year over year [7][9] Operational Metrics - Live Flight Legs decreased by 7% to 11,971 in Q2 2025 [6][9] - Private Jet Gross Bookings per Live Flight Leg increased by 3% to $17,403 [6][9] - Utility increased by 10% to 41.1 hours [6][9] - Completion Rate remained stable at 98% [6][9] - On-Time Performance decreased to 88% from 91% in the previous year [6][9] Strategic Initiatives - The company is modernizing its fleet, with premium jets comprising approximately 20% of the controlled fleet [8] - Plans to add three Challenger 300 aircraft into revenue service in Q3 2025 [8] - Sold or completed lease returns on 31 legacy aircraft in the first half of 2025 [8] - Corporate membership fund sales exceeded expectations, increasing over 25% year over year [8] - Initiatives are expected to drive approximately $50 million in annual cash cost savings through efficiency and productivity improvements [8] Cash Flow and Balance Sheet - Net cash used in operating activities was $110.8 million for the six months ended June 30, 2025 [22] - Cash and cash equivalents at the end of the period were $107 million, down from $216.4 million [21][22] - Total assets decreased to $1.005 billion from $1.158 billion [21][22]

ATLANTA, July 31, 2025 /PRNewswire/ -- Wheels Up Experience Inc. (NYSE: UP) today announced that it will release its second quarter 2025 financial results on Thursday, August 7, 2025. Earnings materials will be available on the Wheels Up investor relations website at investors.wheelsup.com. Investors: [email protected] Media: [email protected] About Wheels Up SOURCE Wheels Up Wheels Up is a leading provider of on-demand private aviation in the U.S. with a large, diverse fleet and a global network of safety- ...

Market Overview - The current market is characterized by significant volatility, influenced by macroeconomic factors and geopolitical relations [1] - The stock market is either sliding or trading within a range, presenting potential opportunities for investors [1] Analyst Background - Gary Alexander has extensive experience in the technology sector, having worked on Wall Street and in Silicon Valley [1] - He has been involved with seed-round startups and has contributed to Seeking Alpha since 2017, gaining recognition in various web publications [1]

Core Insights - Wheels Up Experience Inc. announced key executive leadership appointments to align with its go-to-market growth strategy and evolving customer needs [1][2] - The leadership changes are part of the company's transformation journey, focusing on a customer-centric strategy and enhancing global aviation solutions [2][7] Leadership Changes - Dave Harvey will transition to a senior advisor role until August 2025 to ensure a smooth transition [3] - Mark Briffa, currently CEO of Air Partner, will become Chief Sales Officer, unifying global sales across Membership and Charter offerings [7] - Meaghan Wells has been appointed Chief Growth Officer, overseeing a new commercial strategy group to enhance data-driven decisions [7] - Kristen Lauria will expand her role to include customer experience, integrating brand, communications, and customer engagement [7] Company Overview - Wheels Up is a leading provider of on-demand private aviation in the U.S., with a diverse fleet and a global network of safety-vetted charter operators [4] - The company offers charter and membership programs through a strategic partnership with Delta Air Lines, along with freight, safety, security, and managed services [4]

Core Points - Wheels Up Experience Inc. has regained compliance with NYSE listing standards for minimum share price, reflecting a positive market-driven stock appreciation [1][2] - The company's current market capitalization is approximately $1 billion, indicating its scale and strength [2] - Wheels Up is focused on achieving sustainable profitability and maintaining a strong balance sheet while delivering high-quality experiences for customers [2] Company Overview - Wheels Up is a leading provider of on-demand private aviation in the U.S., featuring a diverse fleet and a global network of safety-vetted charter operators [3] - The company offers charter and membership programs, along with commercial travel benefits through a partnership with Delta Air Lines [3] - Additional services include freight, safety, security, and managed services for various clients, including individuals and government organizations [3]