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| | | | | F-1 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Net loss
|
| | | $ | (197,230) | | | | | $ | (85,405) | | |
Add back (deduct) | | | | | | | | | | | | | |
Interest expense
|
| | | | 9,519 | | | | | | 22,989 | | |
Interest income
|
| | | | (53) | | | | | | (550) | | |
Income tax expense
|
| | | | 58 | | | | | | — | | |
Depreciation and amortization
|
| | | | 54,198 | | | | | | 58,529 | | |
Equity-based compensation expense
|
| | | | 49,673 | | | | | | 3,342 | | |
Public company readiness expense(1)
|
| | | | 3,298 | | | | | | 1,801 | | |
Acquisition and integration expense(2)
|
| | | | 8,712 | | | | | | 14,575 | | |
CARES Act grant recognition
|
| | | | — | | | | | | (76,376) | | |
COVID-19 response initiatives(3)
|
| | | | — | | | | | | 1,192 | | |
Credit loss on employee loan
|
| | | | — | | | | | | 5,448 | | |
Corporate headquarters relocation expense(4)
|
| | | | 31 | | | | | | 2,092 | | |
Change in fair value of warrant liability
|
| | | | (17,951) | | | | | | — | | |
Loss on extinguishment of debt
|
| | | | 2,379 | | | | | | — | | |
Adjusted EBITDA
|
| | | $ | (87,366) | | | | | $ | (52,363) | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Revenue
|
| | | $ | 1,194,259 | | | | | $ | 694,981 | | |
Less: Cost of revenue
|
| | | | (1,117,633) | | | | | | (634,775) | | |
Less: Depreciation and amortization
|
| | | | (54,198) | | | | | | (58,529) | | |
Gross profit
|
| | | | 22,428 | | | | | | 1,677 | | |
Gross margin
|
| | | | 1.9% | | | | | | 0.2% | | |
Add back: | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 54,198 | | | | | | 58,529 | | |
Equity-based compensation expense in cost of revenue
|
| | | | 4,541 | | | | | | 293 | | |
Acquisition and integration expense in cost of revenue
|
| | | | 1,010 | | | | | | 1,113 | | |
COVID-19 response initiatives in cost of revenue
|
| | | | — | | | | | | 789 | | |
Adjusted Contribution
|
| | | $ | 82,177 | | | | | $ | 62,401 | | |
Adjusted Contribution Margin
|
| | | | 6.9% | | | | | | 9.0% | | |
| | |
As of December 31,
|
| | | | | | | |||||||||
| | |
2021
|
| |
2020
|
| |
% Change
|
| |||||||||
Active Members
|
| | | | 12,040 | | | | | | 9,212 | | | | | | 31% | | |
| | |
Year Ended December 31,
|
| | | | | | | |||||||||
| | |
2021
|
| |
2020
|
| |
% Change
|
| |||||||||
Active Users
|
| | | | 12,543 | | | | | | 11,345 | | | | | | 11% | | |
Live Flight Legs
|
| | | | 73,522 | | | | | | 44,579 | | | | | | 65% | | |
| | |
Year Ended December 31,
|
| |
Change in
|
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
$
|
| |
%
|
| ||||||||||||
Revenue
|
| | | $ | 1,194,259 | | | | | $ | 694,981 | | | | | $ | 499,278 | | | | | | 72% | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 1,117,633 | | | | | | 634,775 | | | | | | 482,858 | | | | | | 76% | | |
Technology and development
|
| | | | 33,579 | | | | | | 21,010 | | | | | | 12,569 | | | | | | 60% | | |
Sales and marketing
|
| | | | 80,071 | | | | | | 55,124 | | | | | | 24,947 | | | | | | 45% | | |
General and administrative
|
| | | | 113,331 | | | | | | 64,885 | | | | | | 48,446 | | | | | | 75% | | |
Depreciation and amortization
|
| | | | 54,198 | | | | | | 58,529 | | | | | | (4,331) | | | | | | (7)% | | |
CARES Act grant
|
| | | | — | | | | | | (76,376) | | | | | | 76,376 | | | | | | 100% | | |
Gain on sale of aircraft held for sale
|
| | | | (1,275) | | | | | | — | | | | | | (1,275) | | | | | | 100% | | |
Total costs and expenses
|
| | | | 1,397,537 | | | | | | 757,947 | | | | | | 639,590 | | | | | | 84% | | |
Loss from operations
|
| | | | (203,278) | | | | | | (62,966) | | | | | | (140,312) | | | | | | (223)% | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of warrant liability
|
| | | | 17,951 | | | | | | — | | | | | | 17,951 | | | | | | 100% | | |
Loss on extinguishment of debt
|
| | | | (2,379) | | | | | | — | | | | | | (2,379) | | | | | | 100% | | |
Interest income
|
| | | | 53 | | | | | | 550 | | | | | | (497) | | | | | | (90)% | | |
Interest expense
|
| | | | (9,519) | | | | | | (22,989) | | | | | | 13,470 | | | | | | (59)% | | |
Total other income (expense)
|
| | | | 6,106 | | | | | | (22,439) | | | | | | 28,545 | | | | | | 127% | | |
| | |
Year Ended December 31,
|
| |
Change in
|
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
$
|
| |
%
|
| ||||||||||||
Loss before income taxes
|
| | | | (197,172) | | | | | | (85,405) | | | | | | (111,767) | | | | | | (131)% | | |
Income tax expense
|
| | | | (58) | | | | | | — | | | | | | (58) | | | | | | —% | | |
Net loss
|
| | | | (197,230) | | | | | | (85,405) | | | | | | (111,825) | | | | | | (131)% | | |
Less: Net loss attributable to non-controlling interests
|
| | | | (7,210) | | | | | | (6,764) | | | | | | (446) | | | | | | (7)% | | |
Net loss attributable to Wheels Up Experience Inc.
|
| | | $ | (190,020) | | | | | $ | (78,641) | | | | | $ | (111,379) | | | | | | (142)% | | |
|
| | |
Year Ended December 31,
|
| |
Change in
|
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
$
|
| |
%
|
| ||||||||||||
Flight
|
| | | $ | 873,724 | | | | | $ | 495,419 | | | | | $ | 378,305 | | | | | | 76% | | |
Membership
|
| | | | 69,592 | | | | | | 54,622 | | | | | | 14,970 | | | | | | 27% | | |
Aircraft management
|
| | | | 225,265 | | | | | | 132,729 | | | | | | 92,536 | | | | | | 70% | | |
Other
|
| | | | 25,678 | | | | | | 12,211 | | | | | | 13,467 | | | | | | 110% | | |
Total
|
| | | $ | 1,194,259 | | | | | $ | 694,981 | | | | | $ | 499,278 | | | | | | 72% | | |
| | |
Year Ended December 31,
|
| |
Change in
|
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 694,981 | | | | | $ | 384,912 | | | | | $ | 310,069 | | | | | | 81% | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 634,775 | | | | | | 340,673 | | | | | | 294,102 | | | | | | 86% | | |
Technology and development
|
| | | | 21,010 | | | | | | 13,965 | | | | | | 7,045 | | | | | | 50% | | |
Sales and marketing
|
| | | | 55,124 | | | | | | 40,624 | | | | | | 14,500 | | | | | | 36% | | |
General and administrative
|
| | | | 64,885 | | | | | | 28,426 | | | | | | 36,459 | | | | | | 128% | | |
Depreciation and amortization
|
| | | | 58,529 | | | | | | 39,352 | | | | | | 19,177 | | | | | | 49% | | |
CARES Act grant
|
| | | | (76,376) | | | | | | — | | | | | | (76,376) | | | | | | N/A | | |
Total costs and expenses
|
| | | | 757,947 | | | | | | 463,040 | | | | | | 294,907 | | | | | | 64% | | |
Loss from operations
|
| | | | (62,966) | | | | | | (78,128) | | | | | | 15,162 | | | | | | (19)% | | |
Interest income
|
| | | | 550 | | | | | | 615 | | | | | | (65) | | | | | | (11)% | | |
Interest expense
|
| | | | (22,989) | | | | | | (29,360) | | | | | | 6,371 | | | | | | (22)% | | |
Net loss
|
| | | $ | (85,405) | | | | | $ | (106,873) | | | | | $ | 21,468 | | | | | | (20)% | | |
| | |
Year Ended December 31,
|
| |
Change in
|
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
$
|
| |
%
|
| ||||||||||||
Flight
|
| | | $ | 495,419 | | | | | $ | 334,263 | | | | | $ | 161,156 | | | | | | 48% | | |
Membership
|
| | | | 54,622 | | | | | | 45,868 | | | | | | 8,754 | | | | | | 19% | | |
Aircraft management
|
| | | | 132,729 | | | | | | — | | | | | | 132,729 | | | | | | N/A | | |
Other
|
| | | | 12,211 | | | | | | 4,781 | | | | | | 7,430 | | | | | | 155% | | |
Total
|
| | | $ | 694,981 | | | | | $ | 384,912 | | | | | $ | 310,069 | | | | | | 81% | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Net cash provided by (used in) operating activities
|
| | | $ | 126,490 | | | | | $ | 209,644 | | | | | $ | (24,879) | | |
Net cash (used in) provided by investing activities
|
| | | $ | (38,670) | | | | | $ | 81,580 | | | | | $ | (41,316) | | |
Net cash provided by (used in) financing activities
|
| | | $ | 374,026 | | | | | $ | (62,788) | | | | | $ | 87,383 | | |
Net increase in cash, cash equivalents and restricted cash
|
| | | $ | 461,846 | | | | | $ | 228,436 | | | | | $ | 21,188 | | |
Name
|
| |
Age
|
| |
Position
|
|
Executive Officers | | | | | | | |
Kenny Dichter | | |
53
|
| | Chief Executive Officer and Chairman of the Board | |
Vinayak Hegde | | |
52
|
| | President | |
Lee Applbaum | | |
51
|
| | Chief Marketing Officer | |
Thomas W. Bergeson | | |
59
|
| | Chief Operating Officer | |
Laura Heltebran | | |
57
|
| | Chief Legal Officer | |
Jason Horowitz | | |
50
|
| | Chief Business Officer | |
Eric Jacobs | | |
54
|
| | Chief Financial Officer | |
Non-Employee Directors | | | | | | | |
David Adelman(2)(3) | | |
49
|
| | Director | |
Timothy Armstrong(3) | | |
51
|
| | Director | |
Chih Cheung(1) | | |
50
|
| | Director | |
Marc Farrell(1) | | |
39
|
| | Director | |
Admiral Michael Mullen(2)(4) | | |
75
|
| | Director | |
Eric Phillips(4)(5) | | |
50
|
| | Director | |
Brian Radecki(1) | | |
50
|
| | Director | |
Susan Schuman(2)(3) | | |
62
|
| | Director | |
Erik Snell(4) | | |
44
|
| | Director | |
Ravi Thakran | | |
58
|
| | Director | |