UP Q2 2021 Earnings

Call Details

• Call Title: Wheels Up Q2 2021 Earnings Call
• Date: August 12, 2021 at 12:30 PM UTC
• Management Team:
  • Keith Ferguson (Head of Investor Relations)
  • Kenny Dichter (Chairman and Chief Executive Officer)
  • Vinayak Hegde (President & Chief Marketplace Officer)
  • Eric Jacobs (Chief Financial Officer)

Call Summary

Financial Performance

• Second quarter revenue was $286M, which the company described as a quarterly record and up 113% year-over-year.
• First half 2021 revenue was just under $550M, representing almost 90% year-over-year growth.
• Flight revenue was characterized as the largest top-line contributor and was up 154% year-over-year for the quarter.
• Adjusted EBITDA improved by $7.6M in the quarter versus the prior year period.
• GAAP net loss for full year 2021 is expected in the range of $145M to $160M.
• Adjusted EBITDA guidance for full year 2021 is negative $40M to negative $50M.

Guidance

• Full year 2021 revenue guidance was raised to a range of $1.05B to $1.1B from an earlier internal projection of $912M.
• The company expects full year CapEx of $25M to $35M, with roughly half of year-to-date CapEx already capitalized software.
• Full year adjusted EBITDA is expected to be negative $40M to negative $50M, reflecting near-term investments.
• Full year GAAP net loss is expected to be between $145M and $160M.
• The company said it may add a small number of aircraft in the remainder of 2021 to balance supply types.
• Management characterized second-half 2021 guidance as conservative relative to first-half strength.