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Wheels Up Announces Record Revenue for Fourth Quarter 2021
Strong Demand Highlighted by Continued Member & Flight Leg Growth and Record Prepaid Block Sales
Technology Initiatives Progressing to Optimize Long-Term Profitability
NEW YORK – March 10, 2022 – Wheels Up Experience Inc. (NYSE:UP) today announced financial results for the fourth quarter, which ended December 31, 2021.
Fourth Quarter 2021 Highlights
Revenue increased 64% year-over-year to $345 million
Active Members grew 31% year-over-year to 12,040 in total
Live Flight Legs increased 63% year-over-year to 20,296 in total
Net loss increased by $42 million year-over-year to a loss of $77 million
Adjusted EBITDA decreased by $35 million year-over-year to a loss of $46 million

“I am pleased to report another quarter of record revenue, strong membership growth and retention, along with the best quarter in our history for prepaid block sales, which grew more than 80% to $540 million in the fourth quarter. We have more members that are increasingly making long-term commitments to Wheels Up, giving us clear revenue visibility for the year ahead and the confidence to invest in our growth while absorbing short-term margin pressures.” said Kenny Dichter, Wheels Up Chairman & Chief Executive Officer. “Additionally, we have several key initiatives underway to improve our profitability as we aggressively expand our global supply. As always, I am grateful to our employees for their dedication and to our members and customers for their loyalty and trust.”

“We are now working to increase our capacity to serve the strong demand we are seeing through pilot hiring, enhancing our maintenance capabilities, and adding to our fleet composition.” said Eric Jacobs, Wheels Up Chief Financial Officer. “The rollout of our technology initiatives will streamline our operations and add capacity through increased utilization. That, combined with rate increases and cost saving measures, should drive strong margin improvements starting in the second half of the year.”

Recent Initiatives
Announced the intent to acquire Air Partner PLC (LSE: AIR) to extend the Wheels Up platform into Europe and beyond. Closed the acquisition of Alante Air Charter which controls 12 light jets, where demand is particularly strong.

Launched the first version of its global scheduling system, which enables Wheels Up to manage schedules across all of its operating certificates. This system is an important building block that provides a fleet-wide view of available aircraft, with significant benefits to come following the conversion of its entire controlled fleet to UP FMS by the end of April and its ongoing efforts to consolidate its First Party (1P) fleet onto a single operating certificate.

Enhanced the Wheels Up Mobile App leveraging a service-oriented architecture, with an expected launch in April. The new platform will enable improved functionality, greater scalability and a much faster pace of innovation to launch new features.



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Financial and Operating Highlights
As of December 31,
20212020% Change
Active Members(1)
12,040 9,212 31 %
Three Months Ended December 31,
(In thousands, except percentages, Active Users, Live Flight Legs and Flight revenue per Live Flight Leg)
20212020% Change
Active Users(1)
12,543 11,345 11 %
Live Flight Legs(1)
20,296 12,454 63 %
Flight revenue per Live Flight Leg$12,428 $12,193 %
Revenue$345,044 $209,773 64 %
Net loss$(76,608)$(34,113)(125)%
Adjusted EBITDA(1)
$(46,296)$(11,252)(311)%
Twelve Months Ended December 31,
(In thousands, except percentages)
20212020% Change
Revenue$1,194,259 $694,981 72 %
Net loss$(197,230)$(85,405)(131)%
Adjusted EBITDA(1)
$(87,366)$(52,363)(67)%
(1) For information regarding Wheels Up's use and definition of this measure see “Definitions of Key Operating Metrics and Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” sections herein.
For the fourth quarter:
Active Members grew 31% year-over-year to 12,040 driven by strong new member additions and existing membership retention, as well as continued success converting legacy jet card holders into Wheels Up members.
Active Users grew 11% to 12,543 year-over-year primarily driven by the growth in Active Members.
Live Flight Legs increased by 63% year-over-year to 20,296 with strong flight demand across all cabin classes driven by the growth in Active Members and the impact of COVID-19 on 2020 results.
Flight revenue per Live Flight Leg increased 2% year-over-year to $12,428 as a result of a higher mix of larger cabin flying and partially offset by a seasonal decrease in average flight stage length.
Revenue increased 64% year-over-year driven by strong flight demand and the impact of COVID-19 on 2020 results.
Net loss increased by $(42.5) million due to several factors, including the impact of the Company benefiting from the utilization of $51.6 million of CARES Act grant funding in 2020, a decrease in Adjusted Contribution Margin caused by supply constraints and increased operating costs, as well as an increase in equity-based compensation expense, including a broad-based equity grant to the Wheels Up employee pilots.
Adjusted EBITDA of $(46.3) million, decreased $(35.0) million year-over-year, due primarily to lower Adjusted Contribution Margin.


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Webcast and Conference Call Information
A conference call with management will be held today at 8:30 am ET. To access a live webcast of the conference call and supporting presentation materials, please click on the Wheels Up investor site (www.wheelsup.com/investors). This earnings press release and any supporting materials will be available on the Company's investor relations website. We also provide announcements regarding the Company's financial performance, including U.S. Securities and Exchange Commission (the “SEC”) filings, investor events, press and earnings releases, and blogs, on the investor relations website.
About Wheels Up
Wheels Up is the leading provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. Powered by a growing marketplace of more than 1,500 safety-vetted and verified aircraft, Wheels Up is the only company in the industry to offer a total private aviation solution that includes a relentless focus on safety and service, with flexibility across all types of aircraft, membership programs, corporate solutions, aircraft management, whole aircraft sales and commercial travel benefits through a strategic partnership with Delta Air Lines.
The Wheels Up App enables members and customers to search, book and fly. Wheels Up Connect, Core, and Business memberships provide enhancements such as flight sharing, empty-leg Hot Flights, Shuttle Flights, Shared Flights, signature Wheels Up Down events and exclusive member benefits from preeminent lifestyle brands. Wheels Up's ongoing Wheels Up Cares program aligns with philanthropic organizations and initiatives that affect and matter to the Company and its customers, members, stakeholders, families and friends. The Wheels Up Cares fleet comprises five custom-painted Beechcraft King Air 350i aircraft, with each plane serving as a flying symbol for a specific social cause.

Cautionary Statement Regarding Forward-Looking Statements
This press release 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 limitation, statements regarding: (i) the size, demands and growth potential of the markets for Wheels Up’s products and services and Wheels Up’s ability to serve those markets, (ii) the degree of market acceptance and adoption of Wheels Up’s products and services, (iii) Wheels Up’s ability to develop innovative products and services and compete with other companies engaged in the private aviation industry and (iv) Wheels Up’s ability to attract and retain customers. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that statement is not forward-looking. 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 risks, uncertainties, assumptions and other important factors, many of which are outside Wheels Up’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in the registration statement on Form S-1 filed with the SEC by Wheels Up on August 3, 2021, and other documents filed by Wheels Up from time to time with the SEC. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Wheels Up undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. We do not give any assurance that Wheels Up will achieve its expectations.

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Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures such as Adjusted EBITDA, Adjusted Contribution, and Adjusted Contribution Margin. These non-GAAP financial measures are an addition, and not a substitute for or superior to, measures of financial performance prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and should not be considered as an alternative to net income (loss), operating income (loss) or any other performance measures derived in accordance with GAAP. Reconciliations of non-GAAP financial measures to their most directly comparable GAAP counterparts are included in the “Reconciliations of Non-GAAP Financial Measures” section herein to this earnings press release. Wheels Up believes that these non-GAAP financial measures of financial results provide useful supplemental information to investors about Wheels Up. However, there are a number of limitations related to the use of these non-GAAP financial measures and their nearest GAAP equivalents, including that they exclude significant expenses that are required by GAAP to be recorded in Wheels Up’s financial measures. In addition, other companies may calculate non-GAAP financial measures differently, or may use other measures to calculate their financial performance, and therefore, Wheels Up’s non-GAAP financial measures may not be directly comparable to similarly titled measures of other companies. Additionally, to the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP financial measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations.
For more information on these non-GAAP financial measures, see the sections titled “Definitions of Key Operating Metrics and Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included at the end of this earnings press release.
Contacts
Investors:
ir@wheelsup.com

Media:
press@wheelsup.com
4


WHEELS UP EXPERIENCE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands, except share data)
December 31, 2021December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents$784,574 $312,799 
Accounts receivable, net79,403 50,397 
Other receivables8,061 8,205 
Parts and supplies inventories, net9,410 5,320 
Prepaid expenses and other51,626 18,801 
Total current assets933,074 395,522 
Property and equipment, net317,836 323,090 
Operating lease right-of-use assets108,582 64,479 
Goodwill437,398 400,160 
Intangible assets, net146,959 163,710 
Restricted cash2,148 12,077 
Employee loans receivable, net— 102 
Other non-current assets35,067 849 
Total assets$1,981,064 $1,359,989 
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt$— $62,678 
Accounts payable43,672 20,920 
Accrued expenses107,153 71,381 
Deferred revenue, current933,527 651,096 
Operating lease liabilities, current31,617 15,858 
Intangible liabilities, current2,000 2,000 
Other current liabilities17,068 15,980 
Total current liabilities1,135,037 839,913 
Long-term debt— 148,411 
Deferred revenue, non-current1,957 1,982 
Operating lease liabilities, non-current83,461 56,358 
Warrant liability10,268 — 
Intangible liabilities, non-current14,083 16,083 
Other non-current liabilities30 3,415 
Total liabilities1,244,836 1,066,162 
Commitments and contingencies
Equity:
Class A common stock, $0.0001 par value; 2,500,000,000 authorized; 245,834,569 and 169,717,416 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively25 17 
Additional paid-in capital 1,450,839 798,478 
Accumulated deficit(720,713)(530,693)
Total Wheels Up Experience Inc. stockholders’ equity730,151 267,802 
Non-controlling interests6,077 26,025 
Total equity736,228 293,827 
Total liabilities and equity$1,981,064 $1,359,989 
5


WHEELS UP EXPERIENCE INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands except share and per share data)
Three Months Ended December 31,Year Ended December 31,
2021202020212020
Revenue$345,044 $209,773 $1,194,259 $694,981 
Costs and expenses:
Cost of revenue344,442 188,143 1,117,633 634,775 
Technology and development9,761 14,339 33,579 21,010 
Sales and marketing24,225 5,666 80,071 55,124 
General and administrative36,887 16,231 113,331 64,885 
Depreciation and amortization13,246 26,145 54,198 58,529 
CARES Act grant— (11,453)— (76,376)
Gain on sale of aircraft held for sale(1,275)— (1,275)— 
Total costs and expenses427,286 239,071 1,397,537 757,947 
Loss from operations(82,242)(29,298)(203,278)(62,966)
Other income (expense):
Change in fair value of warrant liability5,680 — 17,951 — 
Loss on extinguishment of debt— — (2,379)— 
Interest income28 47 53 550 
Interest expense(16)(4,862)(9,519)(22,989)
Total other income (expense)5,692 (4,815)6,106 (22,439)
Loss before income taxes(76,550)(34,113)(197,172)(85,405)
Income tax expense(58)— (58)— 
Net loss (76,608)(34,113)(197,230)(85,405)
Less: Net loss attributable to non-controlling interests(654)(2,819)(7,210)(6,764)
Net loss attributable to Wheels Up Experience Inc.$(75,954)$(31,294)$(190,020)$(78,641)
Net loss per share of Class A common stock:
Basic$(0.31)$(0.19)$(0.93)$(0.48)
Diluted$(0.31)$(0.19)$(0.93)$(0.48)
Weighted-average shares of Class A common stock outstanding:
Basic245,370,685.00165,055,043.00204,780,896.00162,505,231.00
Diluted245,370,685.00165,055,043.00204,780,896.00162,505,231.00



6


WHEELS UP EXPERIENCE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Year Ended December 31,
20212020
OPERATING ACTIVITIES:
Net loss$(197,230)$(85,405)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization54,198 58,529 
Amortization of deferred financing costs and debt discount618 1,612 
Accretion of investments— — 
Equity-based compensation 49,673 3,342 
Change in fair value of warrant liability(17,951)— 
Provision for expected credit losses3,264 7,119 
Loss on extinguishment of debt2,379 — 
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable(21,923)14,506 
Other receivables144 6,968 
Parts and supplies inventories(3,418)(636)
Prepaid expenses and other (11,360)(418)
Other non-current assets(34,218)877 
Operating lease liabilities, net(1,949)1,094 
Accounts payable13,116 (13,868)
Accrued expenses14,616 (6,080)
Other current liabilities1,089 460 
Other non-current liabilities(3,385)3,415 
Deferred revenue278,827 218,129 
Net cash provided by operating activities126,490 209,644 
INVESTING ACTIVITIES:
Purchases of property and equipment(15,234)(7,109)
Acquisition of businesses, net of cash acquired7,844 97,104 
Purchases of aircraft held for sale(31,669)— 
Sales of aircraft held for sale13,568 — 
Cash paid for asset acquisition— — 
Capitalized software development costs(13,179)(8,415)
Purchases of investments— — 
Proceeds from sales and maturities of investments— — 
Net cash (used in) provided by investing activities(38,670)81,580 
FINANCING ACTIVITIES:
Proceeds from stock option exercises2,107 — 
Proceeds from Business Combination and PIPE Investment656,304 — 
Transaction costs in connection with the Business Combination and PIPE Investment(70,406)— 
Proceeds from long-term debt— 755 
Repayments of long-term debt(214,081)(63,450)
Loans to employees102 (93)
Capital contributions— — 
Payments of offering costs— — 
Net cash provided by (used in) financing activities374,026 (62,788)
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NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH461,846 228,436 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF PERIOD324,876 96,440 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH END OF PERIOD$786,722 $324,876 
CASH PAID DURING THE PERIOD FOR:
Interest11,661 $21,717 
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Non-cash consideration issued for business acquisition of Delta Private Jets LLC— $427,007 
Non-cash consideration issued for business acquisition of Gama Aviation LLC— $32,638 
Non-cash consideration issued for business acquisition of Mountain Aviation, LLC$30,172 — 
Assumption of warrant liability in Business Combination$28,219 — 
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Definitions of Key Operating Metrics and Non-GAAP Financial Measures
We report certain key financial measures that are not required by, or presented in accordance with, GAAP. These non-GAAP financial measures are an addition, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to any performance measures derived in accordance with GAAP. We believe that these non-GAAP financial measures of financial results provide useful supplemental information to investors, about Wheels Up. However, there are a number of limitations related to the use of these non-GAAP financial measures and their nearest GAAP equivalents, including that they exclude significant expenses that are required by GAAP to be recorded in Wheels Up’s financial measures. In addition, other companies may calculate non-GAAP financial measures differently, or may use other measures to calculate their financial performance, and therefore, our non-GAAP financial measures may not be directly comparable to similarly titled measures of other companies.
Definitions of Key Operating Metrics
Active Members. We define Active Members as the number of Connect, Core, and Business membership accounts that generated membership revenue in a given period and are active as of the end of the reporting period. We use Active Members to assess the adoption of our premium offerings which is a key factor in our penetration of the market in which we operate and a key driver of membership and flight revenue.
Active Users. We define Active Users as Active Members and legacy WUPJ jet card holders as of the reporting date plus unique non-member consumers who completed a revenue generating flight at least once in the given quarter and excludes wholesale flight activity. While a unique consumer can complete multiple revenue generating flights on our platform in a given period, that unique user is counted as only one Active User. We use Active Users to assess the adoption of our platform and frequency of transactions, which are key factors in our penetration of the market in which we operate and our growth in revenue.
Live Flight Legs. We define Live Flight Legs as the number of completed one-way revenue generating flight legs in a given period. The metric excludes empty repositioning legs and owner legs related to aircraft under management. We believe Live Flight Legs are a useful metric to measure the scale and usage of our platform, and our growth in flight revenue.
Definitions of Non-GAAP Financial Measures
Adjusted Contribution and Adjusted Contribution Margin. We calculate Adjusted Contribution as gross profit (loss) excluding depreciation and amortization and adjusted further for (i) equity-based compensation included in cost of revenue, (ii) acquisition and integration expense included in cost of revenue and (iii) other items included in cost of revenue that are not indicative of our ongoing operating performance, including COVID-19 response initiatives for 2020. Adjusted Contribution Margin is calculated by dividing Adjusted Contribution by total revenue.
We include Adjusted Contribution and Adjusted Contribution Margin as supplemental measures for assessing operating performance. Adjusted Contribution and Adjusted Contribution Margin are used to understand our ability to achieve profitability over time through scale and leveraging costs. In addition, Adjusted Contribution and Adjusted Contribution Margin provides useful information for historical period-to-period comparisons of our business and to identify trends. Prior to issuing a broad-based equity grant for our pilots during the third quarter of 2021, equity-based compensation expense included in cost of revenue for prior periods was not significant.
Adjusted EBITDA. We calculate Adjusted EBITDA as net income (loss) adjusted for (i) interest income (expense), (ii) income tax expense, (iii) depreciation and amortization, (iv) equity-based compensation expense, (v) acquisition and integration related expenses, (vi) public company readiness related expenses, (vii) change in fair value of warrant liability, (viii) losses on the extinguishment of debt and (ix) other items not indicative of our ongoing operating performance, including the CARES Act grant and COVID-19 response initiatives for 2020.
We include Adjusted EBITDA because it is a supplemental measure used by our management team for assessing operating performance. Adjusted EBITDA is used in conjunction with bonus program target achievement determinations, strategic internal planning, annual budgeting, allocating resources and making operating decisions. In addition, Adjusted EBITDA provides useful information for historical period-to-period comparisons of our business, as it removes the effect of certain non-cash expenses and variable amounts.
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Reconciliations of Non-GAAP Financial Measures
Adjusted Contribution and Adjusted Contribution Margin
The following table reconciles Adjusted Contribution to gross profit (loss), which is the most directly comparable GAAP measure (in thousands, except percentages):
Three Months Ended December 31,Twelve Months Ended December 31,
2021202020212020
Revenue$345,044$209,773$1,194,259$694,981
Less: Cost of revenue(344,442)(188,143)(1,117,633)(634,775)
Less: Depreciation and amortization(13,246)(14,340)(54,198)(58,529)
Gross profit (loss)$(12,644)$7,290$22,428$1,677
Gross margin(3.7)%3.5 %1.9 %0.2 %
Add back:
Depreciation and amortization13,24614,34054,19858,529
Equity-based compensation expense in cost of revenue3,762674,541293
Acquisition and integration expense in cost of revenue1,1131,0101,113
COVID-19 response initiatives in cost of revenue394789
Adjusted Contribution$4,364$23,204$82,177$62,401
Adjusted Contribution Margin1.3 %11.1 %6.9 %9.0 %
Adjusted EBITDA
The following table reconciles Adjusted EBITDA to net loss, which is the most directly comparable GAAP measure (in thousands):
Three Months Ended December 31,Twelve Months Ended December 31,
2021202020212020
Net loss$(76,608)$(34,113)$(197,230)$(85,405)
Add back (deduct)
Interest expense16 4,862 9,519 22,989 
Interest income(28)(47)(53)(550)
Income tax expense58 — 58 — 
Depreciation and amortization13,246 14,340 54,198 58,529 
Equity-based compensation expense19,005 818 49,673 3,342 
Public company readiness expense— 1,559 3,298 1,801 
Acquisition and integration expense3,695 6,881 8,712 14,575 
CARES Act grant recognition— (11,453)— (76,376)
COVID-19 response initiatives— 419 — 1,192 
Credit loss on employee loan— 5,448 — 5,448 
Corporate headquarters relocation expense— 34 31 2,092 
Change in fair value of warrant liability(5,680)— (17,951)— 
Loss on extinguishment of debt— — 2,379 — 
Adjusted EBITDA$(46,296)$(11,252)$(87,366)$(52,363)
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The following tables reconcile Adjusted EBITDA to net loss, including the impact of reconciled items on individual income statement expense classifications (in thousands):
Three Months Ended December 31, 2021
GAAP as reportedEquity-based compensation expenseAcquisition and integration expenseNon-GAAP
Revenue$345,044 $— $— $345,044 
Costs and expenses:
Cost of revenue344,442 (3,762)— 340,680 
Technology and development9,761 (534)— 9,227 
Sales and marketing24,225 (2,284)— 21,941 
General and administrative36,887 (12,425)(3,695)20,767 
Depreciation and amortization13,246 — — 13,246 
Gain on sale of aircraft(1,275)— — (1,275)
Total costs and expenses:427,286 (19,005)(3,695)404,586 
Loss from operations(82,242)19,005 3,695 (59,542)
Other (expense) income
Change in fair value of warrant liability5,680 — — 5,680 
Interest income28 — — 28 
Interest expense(16)— — (16)
Total other income5,692 — — 5,692 
Income tax expense(58)(58)
Net loss$(76,608)(53,908)
Add back (deduct)
Depreciation and amortization13,246 
Change in fair value of warrant liability(5,680)
Interest income(28)
Interest expense16 
Income tax expense58 
Adjusted EBITDA$(46,296)

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Three Months Ended December 31, 2020
GAAP as reportedEquity-based compensation expensePublic company readiness expenseAcquisition and integration expenseCorporate headquarters relocation expenseCOVID-19 response initiativesCares Act grant recognitionCredit loss on employee loanNon-GAAP
Revenue$209,773 $— $— $— $— $— $— $— $209,773 
Costs and expenses:
Cost of revenue188,143 (67)— (1,113)— (394)— — 186,569 
Technology and development5,665 (103)— — — — — — 5,562 
Sales and marketing16,231 (241)— — — — — — 15,990 
General and administrative26,145 (407)(1,559)(5,768)(34)(25)— (5,448)12,904 
Depreciation and amortization14,340 — — — — — — — 14,340 
CARES Act grant(11,453)— — — — — 11,453 — — 
Total costs and expenses:239,071 (818)(1,559)(6,881)(34)(419)11,453 (5,448)235,365 
Loss from operations(29,298)818 1,559 6,881 34 419 (11,453)5,448 (25,592)
Other (expense) income
Interest income47 — — — — — — — 47 
Interest expense(4,862)— — — — — — — (4,862)
Total other expense(4,815)— — — — — — — (4,815)
Net loss$(34,113)(30,407)
Add back (deduct)
Depreciation and amortization14,340 
Interest income(47)
Interest expense4,862 
Adjusted EBITDA$(11,252)















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Twelve Months Ended December 31, 2021
GAAP as reportedEquity-based compensation expensePublic company readiness expenseAcquisition and integration expenseCorporate headquarters relocation expenseNon-GAAP
Revenue$1,194,259 $— $— $— $— $1,194,259 
Costs and expenses:
Cost of revenue1,117,633 (4,541)— (1,010)— 1,112,082 
Technology and development33,579 (1,340)— — — 32,239 
Sales and marketing80,071 (5,185)(781)— — 74,105 
General and administrative113,331 (38,607)(2,517)(7,702)(31)64,474 
Depreciation and amortization54,198 — — — — 54,198 
Gain on sale of aircraft(1,275)— — — — (1,275)
Total costs and expenses:1,397,537 (49,673)(3,298)(8,712)(31)1,335,823 
Loss from operations(203,278)49,673 3,298 8,712 31 (141,564)
Other (expense) income
Loss on early extinguishment of debt(2,379)— — — — (2,379)
Change in fair value of warrant liability17,951 — — — — 17,951 
Interest income53 — — — — 53 
Interest expense(9,519)— — — — (9,519)
Total other expense6,106 — — — — 6,106 
Income tax expense(58)(58)
Net loss$(197,230)(135,516)
Add back (deduct)
Depreciation and amortization54,198 
Loss on early extinguishment of debt2,379 
Change in fair value of warrant liability(17,951)
Interest income(53)
Interest expense9,519 
Income tax expense58 
Adjusted EBITDA$(87,366)


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Twelve Months Ended December 31, 2020
GAAP as reportedEquity-based compensation expensePublic company readiness expenseAcquisition and integration expenseCorporate headquarters relocation expenseCOVID-19 response initiativesCares Act Grant recognitionCredit loss on employee loanNon-GAAP
Revenue$694,981 $— $— $— $— $— $— $— $694,981 
Costs and expenses:
Cost of revenue634,775 (293)— (1,113)— (789)— — 632,580 
Technology and development21,010 (445)— — — — — — 20,565 
Sales and marketing55,124 (1,055)— — — — — — 54,069 
General and administrative64,885 (1,549)(1,801)(13,462)(2,092)(403)— (5,448)40,130 
Depreciation and amortization58,529 — — — — — — — 58,529 
CARES Act grant(76,376)— — — — — 76,376 — — 
Total costs and expenses:757,947 (3,342)(1,801)(14,575)(2,092)(1,192)76,376 (5,448)805,873 
Loss from operations(62,966)3,342 1,801 14,575 2,092 1,192 (76,376)5,448 (110,892)
Other (expense) income
Interest income550 — — — — — — — 550 
Interest expense(22,989)— — — — — — — (22,989)
Total other expense(22,439)— — — — — — — (22,439)
Net loss$(85,405)(133,331)
Add back (deduct)
Depreciation and amortization58,529 
Interest income(550)
Interest expense22,989 
Adjusted EBITDA$(52,363)









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Supplemental Revenue Information
(In thousands, except percentages)Three months ended December 31,Change in
20212020
$
%
Flight$252,230 $151,848 $100,382 66 %
Membership20,448 14,835 5,613 38 %
Aircraft management66,425 39,313 27,112 69 %
Other5,941 3,777 2,164 57 %
Total$345,044 $209,773 $135,271 64 %
(In thousands, except percentages)Twelve Months Ended December 31,Change in
20212020$%
Flight$873,724 $495,419 $378,305 76 %
Membership69,592 54,622 14,970 27 %
Aircraft management225,265 132,729 92,536 70 %
Other25,678 12,211 13,467 110 %
Total$1,194,259 $694,981 $499,278 72 %
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