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(NYSE:UP) Q1 2024 Earnings Call Transcript
Wheels Up Experience Inc.ABOVE) Q1 2024 Earnings Conference Call Transcript, May 10, 2024
is not one of the 30 most popular stocks among hedge funds at the end of the third quarter (see details here).
Operator: Welcome to the Wheels Up Q1 2024 webcast. It’s my pleasure to introduce Keith Ferguson with Wheels Up. Keith, you may proceed.
Keith Ferguson: Thanks. 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 wheelup.com/investors. See the slide with our legal 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 described by SEC guidelines. Unless otherwise indicated, all financial measures related to the income statement will be non-GAAP, except revenues. Reconciliations of GAAP financial measures to non-GAAP financial measures and definitions of non-GAAP financial measures are found in the financial tables of our earnings release and in the appendix to today’s presentation.
Aerial photo of a busy airport, showing the company’s private aviation services.
With that, I would like to turn the call over to Wheels Up CEO, George Mattson.
George Mattson: Thank you, Keith, and thank you to all of you for joining us today. Over the past year, Wheels Up has taken significant steps to fulfill our commitment to leading 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 about our operational performance in an effort to provide transparency on our path to becoming the best-managed private aviation company in the world. I am pleased to report that we have seen continued operational momentum as we enter periods of seasonally strong demand. In the first quarter, both the completion rate and on-time performance exceeded our internal targets, reaching 98% and 87%, respectively.
These results were driven by strong underlying performance improvements in key elements of operations, including maintenance and dispatch availability of our aircraft under our new operational leadership team. As we meet these goals and maintain our continuous improvement mindset, we begin 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 when we have no cancellations of any kind across our controlled fleet. I’m proud to report that in the first quarter we had 27 Brand Days, by far the most in over two years since we started tracking this metric. Operational excellence is an ongoing journey and our team is excited to deliver for customers every day.
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