UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________ FORM 10-K ________________ [Mark One] ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-04321 WHEELS UP EXPERIENCE INC. (Exact Name of Registrant as Specified i ...

Wheels Up Experience Inc. (NYSE:UP) Q4 2022 Earnings Call Transcript March 9, 2023 10:00 AM ET Company Participants Keith Ferguson - Investor Relations Kenny Dichter - Chairman & Chief Executive Officer Todd Smith - Chief Financial Officer Conference Call Participants Ellen Page - Jefferies Michael Bellisario - Baird Marvin Fong - BTIG Operator Hello, everyone. Welcome to Wheels Up’s 4Q 2022 Earnings Conference Call. My name is Charlie and I'll be coordinating the call today. All lines have been placed on l ...

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Wheels Up Experience Inc. (NYSE:UP) Q3 2022 Earnings Conference Call November 9, 2022 4:30 PM ET Company Participants Keith Ferguson - Investor Relations Kenny Dichter - Chairman and CEO Todd Smith - CFO Conference Call Participants Sheila Kahyaoglu - Jefferies Operator Hello, everyone, and thank you for joining the Wheels Up 3Q 2022 Earnings Call. My name is Darius, and I'll be the operator for today. [Operator Instructions] I now have the pleasure of handing you over to your host, Keith Ferguson. Please g ...

| --- | --- | |------------------------------|-------| | | | | | | | Third quarter 2022 earnings | | | November 9, 2022 | | 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 current expectations and assumptions and, as a result, are subject to known and unknown r ...

Financial Data and Key Metrics Changes - The company reported a record revenue of over $425 million for Q2 2022, representing a nearly 50% year-over-year increase [10] - Active members increased by over 20% year-over-year, reaching 12,667 [56] - The adjusted contribution margin improved to 4.7%, a 550-basis-point sequential improvement [63] - Adjusted EBITDA was negative $46.9 million for the quarter, within the guidance range [65] - The company ended the quarter with $427 million in cash and cash equivalents and no long-term debt [70] Business Line Data and Key Metrics Changes - Membership revenue grew 48% year-over-year, driven by a higher mix of core and business members [56] - Flight revenue increased by 34% year-over-year, with Live Flight Legs up 19% [59] - Aircraft management revenue grew 22% year-over-year, driven by higher owner usage [61] - Other revenue significantly increased to $56.7 million, including $21 million from Air Partner's group charter and freight businesses [61] Market Data and Key Metrics Changes - The company has seen strong demand in leisure travel and a steady pickup in business and corporate travel [59] - Prepaid block sales reached over $330 million for the quarter, up over 180% year-over-year, indicating strong future flying demand [10] - The company expects active users to start outgrowing active members as supply constraints ease [58] Company Strategy and Development Direction - The company aims to build a technology-enabled marketplace for private aviation, enhancing operational efficiency and customer experience [7][15] - The acquisition of Air Partner is expected to provide significant revenue synergies and has exceeded expectations in terms of revenue and profit [17][69] - The company is focused on achieving positive adjusted EBITDA by 2024 through operational improvements and technology investments [19][69] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the uncertain macroeconomic environment but believes there are several levers to drive continued growth [12] - The company is committed to delivering for all customers, including members and on-demand flyers, despite geopolitical and macroeconomic uncertainties [14] - Management expressed confidence in the demand environment, citing strong block sales and member retention rates [82][84] Other Important Information - The company launched a carbon offset program in June as part of its environmental initiatives [20] - The consolidation of FAA operating certificates is expected to enhance operational efficiency and is planned for completion in 2023 [45][132] Q&A Session Summary Question: What signals are being watched regarding demand? - Management indicated that block sales are a key indicator, with a reported increase of 187% year-over-year, and retention rates remain strong at over 90% for block buyers [82][83] Question: How will margins be affected by fuel surcharges? - Management noted that the fuel index charge was implemented in June, which is expected to improve margins in the third and fourth quarters [85][86] Question: What gives confidence in the 2024 adjusted EBITDA profitability target? - Management highlighted strong topline growth, a loyal membership base, and operational improvements as key factors supporting the timeline for profitability [90][94] Question: How are pilot retention rates being managed? - The company is closely monitoring pilot retention and has implemented the Aircrew 360 program to enhance career development and compensation [117][119] Question: What are the components of the other revenue line? - Other revenue included approximately $37 million from asset sales and about $21 million from Air Partner's contributions, with expectations for fluctuations in future quarters [122][123]

| --- | --- | |-------------------------------|-------| | | | | | | | Second Quarter 2022 Earnings | | | August 11, 2022 | | Disclaimer Cautionary Statement Regarding Forward-Looking Statements This presentation contains certain "forward-looking statements" within the meaning of the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding Wheels Up's expectations, hopes, beliefs, intentions or strategies regarding the future including, without limitatio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________ FORM 10-Q ________________ [Mark One] þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-04321 WHEELS UP EXPERIENCE INC. (Exact Name of Registrant as Specifi ...