Wheels Up Experience Inc (UP) 2024 Q2 法說會逐字稿

Hello, everyone, and welcome to today's Wheels Up second-quarter 2024 earnings webcast. I will now hand the line over to Keith Ferguson to begin.

大家好，歡迎收看今天的 Wheels Up 2024 年第二季財報網路廣播。現在我將把台詞交給基斯·弗格森開始。

Thank you. This morning, we announced our second-quarter results. The earnings release with the supporting tables as well as a copy of today's presentation can be found on our Investor Relations website at wheelsup.com/investors. Please refer to the slide with our 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.

謝謝。今天早上，我們公佈了第二季業績。帶有支援表格的收益發布以及今天簡報的副本可以在我們的投資者關係網站wheelsup.com/investors 上找到。請參閱帶有我們的免責聲明的幻燈片。今天的簡報包含基於我們目前的預測和對未來事件的預期的前瞻性陳述。這些陳述僅應被視為估計，實際結果可能存在重大差異。

During today's webcast, we will refer to non-GAAP financial measures as outlined by SEC guidelines. Unless otherwise noted, all income statement-related financial measures will be non-GAAP other than revenue. Reconciliations of GAAP to non-GAAP financial measures and definitions of non-GAAP financial measures are found within the financial tables of our earnings release and appendix of today's presentation.

在今天的網路廣播中，我們將參考 SEC 指南概述的非 GAAP 財務指標。除非另有說明，除收入外，所有與損益表相關的財務指標都將採用非公認會計準則。GAAP 與非 GAAP 財務指標的調整以及非 GAAP 財務指標的定義可在我們的收益發布的財務表格和今天簡報的附錄中找到。

And with that, I'd like to turn over to Wheels Up's Chief Executive Officer, George Mattson.

接下來，我想請 Wheels Up 的執行長 George Mattson 發言。

Thank you, Keith, and thanks to all of you for joining us today. For several months now, you've heard about Wheels Up's commitment to leading the industry and operational excellence while driving efficiency, profitability and durability across our business model. I'm pleased to report that in Q2, we have once again exceeded our internal goals for both completion rate and on-time performance, coming in at 99% and 87%, respectively.

謝謝你，基思，也謝謝大家今天加入我們。幾個月來，您已經聽說了 Wheels Up 致力於引領行業和卓越運營，同時提高整個業務模式的效率、盈利能力和耐用性。我很高興地向大家報告，在第二季度，我們再次超越了完成率和按時績效的內部目標，分別達到 99% 和 87%。

Last quarter, we also introduced an additional benchmark we call brand days or days in which we have zero cancellations of any type across our entire controlled fleet. In Q2, we had 31 days, a new record, a nearly 15% increase from Q1, which had been our highest since we started tracking against this metric. We are proud not only of our strong and greatly improved operational performance but also that we are leading the industry in operational transparency, the first and only major private aviation operator to be publicly sharing our operational performance. And we continue to encourage the industry to follow our lead.

上季度，我們還引入了一個額外的基準，我們稱之為品牌日或我們整個受控機隊中任何類型的零取消訂單的日。第二季度，我們有 31 天，創下新紀錄，比第一季成長了近 15%，這是我們開始追蹤該指標以來的最高水準。我們不僅為我們強大且大幅改善的營運績效感到自豪，而且還為我們在營運透明度方面處於行業領先地位，成為第一家也是唯一一家公開分享我們營運績效的主要私人航空業者。我們繼續鼓勵業界追隨我們的領導。

Our operating results are a clear reflection of the continuous improvement mindset that starts with our world-class leadership and team of aviation experts and expands to define our operational culture as a whole. This mindset has been a crucial foundation for our journey to being the best-run private aviation company. Notably, and as Todd will discuss, we have also seen financial improvements over the last quarter, an indication that our initiatives are working and an encouraging sign of our ability to achieve profitability and financial stability.

我們的營運績效清楚地反映了持續改進的思維方式，這種思維方式始於我們世界一流的領導力和航空專家團隊，並擴展到定義我們的整體營運文化。這種心態是我們成為經營最好的私人航空公司的重要基礎。值得注意的是，正如托德將討論的那樣，我們也看到上個季度的財務狀況有所改善，這表明我們的舉措正在發揮作用，也是我們實現盈利和財務穩定的能力的令人鼓舞的跡象。

In the quarter, we've also spent a significant amount of time closely analyzing our product portfolio and our market positioning. In June, we announced a streamlined and enhanced product portfolio, providing global access through options for membership and charter for first-time and experienced private flyers alike. We believe that private aviation as a whole has not yet capitalized on a large portion of the addressable market. To put it simply, many people who can afford to fly private do not.

在本季度，我們也花了大量時間仔細分析我們的產品組合和市場定位。六月，我們宣布了精簡和增強的產品組合，透過會員資格和包機選項為首次和經驗豐富的私人飛行者提供全球訪問。我們認為，私人航空作為一個整體尚未充分利用大部分目標市場。簡而言之，許多有能力搭乘私人飛機的人卻沒有。

Our refreshed product portfolio offers industry-leading solutions that emphasize simplicity, accessibility and flexibility through two basic offerings. Travelers can choose to fly up with Wheels Up Charter, booking ad hoc trips anywhere in the world with no upfront cost, or they can join us with Wheels Up Membership, where a small annual fee and upfront-funded flight hours provide dynamic rates with price protection, expanded global access, increased flexibility and, most notably, guaranteed availability and recovery within the US, UK, and Europe. This is a testament to our confidence in our greatly improved operational reliability, our willingness to stand behind our product offering and our commitment to delivering for our members.

我們更新的產品組合提供了業界領先的解決方案，透過兩種基本產品強調簡單性、可近性和靈活性。旅客可以選擇使用 Wheels Up Charter 飛行，無需預付飛行費用即可預訂世界各地的臨時旅行，也可以透過 Wheels Up 會員資格加入我們，只需支付少量年費和預付飛行時數即可獲得動態價格和價格保護、擴大全球訪問、提高靈活性，最值得注意的是，保證在美國、英國和歐洲的可用性和復原。這證明了我們對大大提高的營運可靠性的信心、我們支持我們的產品的意願以及我們對為會員提供服務的承諾。

Last month, we also announced upgrades to our mobile app and website and further advancements to our pricing platform that made it easier than ever for travelers to effectively explore our dynamic pricing rates across states as well as departure and arrival destinations. As a result, members can also enjoy increased savings across more than 200 of our most popular city fares, with additional routes to be featured throughout the year while tracking savings and loyalty progress. This level of flexibility and visibility into the booking process is more typical for commercial air travel and one that we will continue to build on as we further invest in our digital platform.

上個月，我們還宣布升級我們的行動應用程式和網站，並進一步改進我們的定價平台，使旅客比以往任何時候都更容易有效地探索我們跨州以及出發和到達目的地的動態定價。因此，會員還可以在我們 200 多種最受歡迎的城市票價中享受更多優惠，並且全年都會推出更多航線，同時追蹤節省和忠誠度進展。這種預訂流程的靈活性和可見性對於商業航空旅行來說更為典型，隨著我們進一步投資數位平台，我們將繼續以此為基礎。

These simple solutions, unique incentives and even greater level of flexibility not only allow us to offer our customers more competitive pricing options but also enable us to more efficiently schedule our operation, driving higher demand, greater efficiency and improved financial performance. We've seen strong commercial momentum among our members. Block sales for the quarter were up over 25% sequentially and over 50% over last year. We're seeing members return to Wheels Up who had left over the last couple of years, and we are bringing on new corporate customers from our growing pipeline of prospects through our corporate sales initiative with Delta.

這些簡單的解決方案、獨特的激勵措施以及更高水平的靈活性不僅使我們能夠為客戶提供更具競爭力的定價選擇，而且使我們能夠更有效地安排我們的運營，推動更高的需求、更高的效率和改善的財務表現。我們在我們的會員中看到了強勁的商業勢頭。該季度的大宗銷售比上一季增長了 25% 以上，比去年同期增長了 50% 以上。我們看到過去幾年離開的會員又回到了 Wheels Up，並且我們正在透過與達美航空的企業銷售計劃，從不斷增長的潛在客戶管道中引入新的企業客戶。

We have also begun working with the Delta SkyMiles loyalty team to identify and engage with their high-net-worth individual customers who represent attractive private aviation prospects, who are either already flying private or could fly private, accessed through their deep existing relationship with Delta. We believe this represents a large and attractive growth opportunity we will jointly market to and target alongside our ongoing Delta corporate sales initiatives. Our strategic partnership with Delta Airlines is truly a one-of-a-kind in private aviation.

我們也開始與達美航空「飛凡哩程常客計畫」忠誠度團隊合作，識別並接觸他們的高淨值個人客戶，這些客戶代表著有吸引力的私人航空前景，他們要么已經乘坐私人飛機，要么可以透過與達美航空的深厚現有關係接觸到私人航空。我們相信，這代表著一個巨大且有吸引力的成長機會，我們將與我們正在進行的達美企業銷售計劃一起共同行銷和瞄準。我們與達美航空的策略夥伴關係在私人航空領域確實是獨一無二的。

Wheels Up Membership and Wheels Up Charter make industry-first use of our deep relationship with Delta commercially and through the SkyMiles loyalty program. While some of our customers fly exclusively private, many more utilize both commercial and private modes of air travel. And we believe building out our capability to seamlessly allow customers to choose between commercial and private modes of travel flight by flight as well as to deliver hybrid aviation solutions that combine both commercial and private travel in the same journey will open up a whole new array of untapped opportunities, delivering customer-centric aviation solutions that align with how customers actually select their mode of travel.

Wheels Up 會員資格和 Wheels Up 包機在業界率先利用我們與達美航空的深厚關係進行商業化並透過「飛凡哩程常客計畫」忠誠度計畫進行利用。雖然我們的一些客戶只乘坐私人航班，但更多的客戶同時使用商業和私人航空旅行模式。我們相信，增強我們的能力，讓客戶能夠無縫地在商業和私人旅行模式之間進行選擇，並提供將商業和私人旅行結合在同一旅程中的混合航空解決方案，將開闢一系列全新的選擇。

Flight by flight and based on a myriad of factors is at the center of what we're looking to do as we build the Wheels Up on the future. As in past quarters, we have continued to focus on driving growth in our profitable charter business and increasing its weighting in our revenue mix. Total charter flight transaction volume, or FTV, increased over 30% sequentially and over 15% year over year.

在我們打造未來的 Wheels Up 的過程中，基於無數因素的一次又一次飛行是我們希望做的事情的核心。與過去幾季一樣，我們繼續專注於推動獲利包機業務的成長，並增加其在收入組合中的權重。包機總交易量 (FTV) 較上季成長超過 30%，較去年同期成長超過 15%。

And we expect it to continue to outpace the rest of our business as we focus on leveraging our charter capabilities globally. Total charter FTV as a percent of total FTV now represents over 60%. The increasing contribution from our global charter business, coupled with our transition to focus on more profitable programmatic flying via the implementation of our revised primary service areas, led to adjusted contribution margin approaching 8% in the quarter, a nearly 7-point margin increase over the first quarter and also a significant increase over last year.

隨著我們專注於在全球範圍內利用我們的包機能力，我們預計它將繼續超過我們的其他業務。總包機 FTV 佔總 FTV 的百分比目前超過 60%。我們的全球包機業務的貢獻不斷增加，加上我們透過實施修訂後的主要服務領域轉向專注於利潤更高的程序化飛行，導致本季度調整後的貢獻利潤率接近8%，比上一季度提高了近7 個百分點。

And finally, our Q2 revenue has stabilized sequentially, following a period of restructuring, revamping our commercial offering and focusing on more profitable flying. We are pleased with our operational performance and our accelerating commercial momentum, which together lay the groundwork for the next phase of our customer experience journey: fleet modernization.

最後，經過一段時間的重組、改進我們的商業產品並專注於利潤更高的飛行之後，我們第二季度的收入已連續穩定。我們對我們的營運績效和不斷加速的商業勢頭感到滿意，它們共同為我們的客戶體驗旅程的下一階段：機隊現代化奠定了基礎。

Our intention is to invest in and modernize our fleet across the portfolio, including the introduction of larger, newer and more capable aircraft, enabling us to meet our customers' demands for an elevated experience on every flight. Much work has been done, and we look forward to sharing more details with you later in the year. Through the combination of our operational improvements, our structural cost improvements and our commercial momentum, we are earning the right to grow profitably.

我們的目的是投資我們的機隊並使其現代化，包括引進更大、更新、性能更強的飛機，使我們能夠滿足客戶對每次航班提升體驗的需求。我們已經做了很多工作，我們期待在今年晚些時候與您分享更多細節。透過我們的營運改善、結構成本改善和商業動力的結合，我們正在贏得獲利成長的權利。

With that, let me turn it over to Todd to share more on where we are in that journey and how we intend to get there.

接下來，讓我把它交給托德，分享更多關於我們在這段旅程中的進展以及我們打算如何實現這一目標的資訊。

Thanks, George. It is great to be with you all today. For my remarks, I will focus on three topics: first, a review of our second quarter and the momentum we are seeing; second, the structural changes that we have made that have led to significant improvements in our underlying businesses; and third, how we will continue our journey to build the best-run private aviation company in the world. Starting with a review of the second quarter.

謝謝，喬治。今天很高興能和大家在一起。我的發言主要集中在三個方面：第一，我們第二季度的回顧和我們看到的勢頭；其次，我們所做的結構性變革使我們的基礎業務取得了顯著改善；第三，我們將如何繼續打造全球營運最好的私人航空公司。首先回顧第二季度。

Revenue was $196 million in Q2, flat to the first quarter, demonstrating the increased stability in our business. The year over year comp was impacted by the previous simplification of our operations, including the exit of our aircraft management and our aircraft sales businesses and last year's program changes that allowed us to exit unprofitable flight revenue. In addition, we continue to focus on driving growth in our profitable charter business and increasing its weighting within our revenue mix.

第二季營收為 1.96 億美元，與第一季持平，顯​​示我們業務的穩定性增強。同比對比受到先前營運簡化的影響，包括退出飛機管理和飛機銷售業務，以及去年的計劃變更，使我們能夠退出無利可圖的航班收入。此外，我們繼續專注於推動獲利包機業務的成長，並增加其在我們收入組合中的權重。

Since charter revenue is reported on a net rather than gross basis, as that mix increases, GAAP reported revenue growth will not fully reflect the underlying demand trends of our business. That is why we believe flight transaction value, or FTV, is the best proxy for the performance of our business as it captures the full value of what our customers spend on flights with us.

由於包機收入是按淨額而非總額報告的，隨著這種組合的增加，公認會計準則報告的收入增長將無法完全反映我們業務的潛在需求趨勢。這就是為什麼我們相信航班交易價值（FTV）是衡量我們業務績效的最佳指標，因為它反映了客戶在我們的航班上花費的全部價值。

In the first quarter, total private jet flight transaction value, which captures the value of all of our private jet flying, was up 13% sequentially, reflecting stabilized demand with a normal seasonal pickup, and down 19% year over year, reflecting our transition to focus on more profitable flying that started just over a year ago. Total charter FTV was up 33% sequentially and 16% year over year, outpacing our overall business and now accounting for 61% of our total flight transaction value in the quarter. That mix has continued to grow as a percentage of our total business and reflects strong customer interest in our leading global charter capabilities.

第一季度，私人飛機飛行總交易價值（反映了我們所有私人飛機飛行的價值）環比增長了13%，反映了正常的季節性回升帶來的需求穩定；但同比下降了19%，反映了我們的轉型專注於一年多前開始的更有利可圖的飛行。包機 FTV 總額較上季成長 33%，年增 16%，超過了我們的整體業務，目前佔本季航班交易總額的 61%。這一組合在我們總業務中所佔的比例持續成長，反映出客戶對我們領先的全球包機能力的濃厚興趣。

Total private jet flight transaction value per live flight leg was 16,868, up 3% sequentially and up 15% year over year and reflects the underlying stability of our business. We expect to see continued momentum on flight transaction value as our management team turns its sight to driving growth in our business. In particular, we expect total charter FTV will outpace the rest of the business as we focus on leveraging our charter capabilities globally where we have a scale advantage.

每個即時航段的私人飛機航班總交易額為 16,868 架次，季增 3%，年增 15%，反映了我們業務的基本穩定性。隨著我們的管理團隊將目光轉向推動我們的業務成長，我們預期航班交易價值將持續成長。特別是，我們預計總包機 FTV 將超過其他業務，因為我們專注於利用我們在全球擁有規模優勢的包機能力。

Our adjusted contribution margin was 7.8% in the quarter, sequentially up from 1% in Q1 and from 5.4% in Q2 of 2023 as we are starting to see the impact of all of our initiatives we have taken in the past year. Specifically as our controlled fleet flying is now primarily within our primary service areas, we have removed significant structural costs, such as underutilized maintenance and repair facilities that we talked about last quarter. By concentrating our remaining maintenance capabilities where we have network density, we have greatly improved our maintenance cycle times and aircraft availability.

我們本季調整後的邊際貢獻率為 7.8%，比 2023 年第一季的 1% 和第二季的 5.4% 有所上升，因為我們開始看到我們在過去一年採取的所有措施的影響。具體來說，由於我們的受控機隊飛行現在主要在我們的主要服務區域內進行，因此我們消除了重大的結構性成本，例如我們上季度談到的未充分利用的維護和維修設施。透過將剩餘的維護能力集中在具有網路密度的地方，我們大大提高了維護週期時間和飛機可用性。

We continue to serve customers across the entire United States using our leading charter capabilities, which has allowed us to replace certain loss-generating flights with ones that are now profitable and with an improved service for our customers. After a year of hard work, our operations are now in a much better position and scalable. Looking forward, we expect adjusted contribution margin will improve significantly in the third quarter, driven by higher asset utilization, reduced fixed cost and continued charter growth with further improvement also in the fourth quarter.

我們繼續利用領先的包機能力為整個美國的客戶提供服務，這使我們能夠用現在盈利且為客戶提供更好服務的航班取代某些產生虧損的航班。經過一年的努力，我們的營運現在處於更好的位置並且可擴展。展望未來，我們預計，在資產利用率提高、固定成本降低和包機持續成長的推動下，第三季調整後的貢獻利潤率將顯著改善，第四季也將進一步改善。

Adjusted EBITDA loss was $37.4 million for the quarter, improved from a $49.2 million loss in the first quarter. That reflects the higher adjusted contribution margin that highlights the structural changes we have made to our business. GAAP net loss was $97 million for the quarter, flat sequentially. Prepaid blocks were $145 million for the quarter, up 27% sequentially and up 50% year over year. The strength in prepaid block sales reflects an increasing appreciation by customers of our improved service metrics and our global capabilities as well as the continued strength of our Delta relationship.

本季調整後 EBITDA 虧損為 3,740 萬美元，較第一季的 4,920 萬美元虧損有所改善。這反映了更高的調整後邊際貢獻，突顯了我們對業務所做的結構性變化。該季度 GAAP 淨虧損為 9,700 萬美元，與上一季持平。本季預付費區塊為 1.45 億美元，季增 27%，年增 50%。預付費大宗銷售的強勁反映了客戶對我們改進的服務指標和我們的全球能力以及我們與達美關係的持續實力的日益讚賞。

Related to corporate strength, we saw continued strong block production from that customer base, consistent with the higher levels we saw in the first quarter. We continue to work closely with Delta on an expanding pipeline of leads from Delta's corporate customers who see the value of our market-leading combined product offering. We ended the quarter with total liquidity plus reserve deposits of $261 million, which includes cash and cash equivalents, the undrawn revolver from Delta and the $20 million WTC reserve deposit.

與企業實力相關，我們看到該客戶群的區塊生產持續強勁，與我們在第一季看到的較高水準一致。我們將繼續與達美航空密切合作，不斷擴大達美航空企業客戶的潛在客戶管道，這些客戶看到了我們市場領先的組合產品的價值。本季結束時，我們的流動資金總額加上準備金存款為 2.61 億美元，其中包括現金和現金等價物、達美航空未提取的左輪手槍以及 2000 萬美元的 WTC 準備金存款。

We have continued to make great progress in reducing our cash burn, with operating cash outflow down 63% from the first quarter and down 87% year over year. That result is a combination of the strength in block sales, benefits from the structural changes we have taken as well as improved cash management and continued stability in our deferred revenue balance. Deferred revenue additions and usage were a slightly positive contributor to operating cash flow in the quarter. We believe that bodes well for the rest of the year when block sales are seasonally strongest.

我們在減少現金消耗方面持續取得巨大進展，營運現金流出較第一季下降 63%，年減 87%。這一結果是大宗銷售的實力、我們所採取的結構性變革所帶來的好處以及改進的現金管理和遞延收入餘額的持續穩定性的結合。遞延收入的增加和使用對本季的營運現金流略有積極貢獻。我們相信，這對今年剩餘時間來說是個好兆頭，因為大宗銷售季節性最強。

Our EETC debt balance declined another $16 million due to scheduled principal payments and proceeds from aircraft sales. The remaining principal balance is now $176 million, down 35% from the initial amount less than two years ago. This quarter's financial results provide validation that the investments we have made in our business and the difficult decisions we made over the past year to improve the efficiency of our business are working. Wheels Up is a much stronger company today than it was a year ago, and we look forward to delivering strong incremental results as we position the company for a strong and sustainable future.

由於預定的本金支付和飛機銷售收益，我們的 EETC 債務餘額又減少了 1,600 萬美元。目前剩餘本金餘額為 1.76 億美元，比不到兩年前的初始金額減少了 35%。本季的財務表現證明我們在業務中所做的投資以及過去一年為提高業務效率所做的艱難決定正在發揮作用。如今，Wheels Up 是一家比一年前更強大的公司，我們期待在我們為公司打造強大且可持續的未來的同時，帶來強勁的增量業績。

George highlighted our continued strong customer service metrics. It is great to see our customers benefiting from our improved service, and it is important to understand how the overhaul of our operations over the past year enabled that. We consolidated all of our flight operations under one roof in our state-of-the-art Atlanta Member Operations Center that helped our coordination and improved our efficiency. We bolstered our management ranks with seasoned operational execs from Delta who have improved our operating capability. And we are stronger because we focused our controlled aircraft line where we have network density and a significant cost advantage.

喬治強調了我們持續強勁的客戶服務指標。很高興看到我們的客戶從我們改進的服務中受益，並且了解過去一年中我們的營運徹底改革如何實現這一目標也很重要。我們將所有航班營運整合到最先進的亞特蘭大會員營運中心，這有助於我們的協調並提高了效率。我們聘請了來自達美航空的經驗豐富的營運高管來加強我們的管理隊伍，他們提高了我們的營運能力。我們之所以更強大，是因為我們將受控飛機生產線集中在擁有網路密度和顯著成本優勢的地方。

All of that groundwork was laid over the past year and is rooted in a disciplined adherence to improving the unit cost economics of this business. The second quarter is evident that these initiatives are starting to show up in our financial metrics. As we continue to drive these initiatives and look to profitable revenue growth, we expect to see an increasing percentage of our sales dropping to the bottom line, with further margin improvement throughout the course of the year.

所有這些基礎都是在過去一年中奠定的，並且植根於嚴格遵守改善該業務的單位成本經濟效益。第二季很明顯，這些舉措開始出現在我們的財務指標中。隨著我們繼續推動這些舉措並尋求盈利性收入成長，我們預計我們的銷售額百分比將越來越多地降至底線，而全年利潤率將進一步提高。

I'm also pleased to report that we have now completed the consolidation of our FAA operating certificates for our entire King Air 350i and Citation Excel and XLS fleets. That consolidation allowed us to harmonize our flight operation and maintenance processes. Now all of our pilots and technicians are trained on the same flight manuals, and all of those aircraft now operate under the same flight ops and maintenance rule sets. That has improved our economies of scale, increased in-service times and lowered our costs.

我還很高興地報告，我們現在已完成整個 King Air 350i 以及 Citation Excel 和 XLS 機隊的 FAA 營運證書的整合。這種整合使我們能夠協調我們的航班營運和維護流程。現在，我們所有的飛行員和技術人員都接受了相同的飛行手冊培訓，所有這些飛機現在都在相同的飛行操作和維護規則下運行。這改善了我們的規模經濟，增加了服務時間並降低了我們的成本。

The pilots for those aircraft are now fully interchangeable, which has allowed us to optimize our crew and aircraft scheduling, saving unnecessary travel and providing improved service for our customers with a lower delivery cost. We recently secured FAA approval to consolidate our Citation X aircraft on the same certificate and have already moved six of our aircraft over and are working to move the remainder of those aircraft over as soon as possible. Our improved operations create greater capacity to service all of our customer needs, utilizing a smaller and more optimized controlled fleet. That is why we have been able to significantly reduce our fixed cost base and position the company to benefit from significant operating leverage going forward.

這些飛機的飛行員現在可以完全互換，這使我們能夠優化機組人員和飛機調度，節省不必要的旅行，並以更低的交付成本為客戶提供更好的服務。我們最近獲得了美國聯邦航空局 (FAA) 的批准，將我們的 Citation X 飛機合併到同一證書上，並且已經將我們的六架飛機轉移過來，並正在努力盡快轉移其餘飛機。我們改進的營運創造了更大的能力，利用更小、更優化的受控機隊來滿足所有客戶的需求。這就是為什麼我們能夠大幅降低固定成本基礎，並使公司能夠從未來的巨大營運槓桿中受益。

Today, our revenue mix is much more balanced than it was a year ago, and it is much better aligned with the strength of the company following the overhaul of our program offering just over a year ago. With our operations in good shape, we are now turning our focus to our commercial efforts as we look to resume growth. As George mentioned, the program changes we just rolled out in June were designed to better target how we serve different customer bases and accelerate growth of our charter business. We expect growth will pick up as these initiatives take hold. Recent block sale trends, including a strong start in July, underscore a very positive customer response that gives us confidence in a return to growth from current levels.

如今，我們的收入組合比一年前更加平衡，並且在一年多前對我們的計劃產品進行徹底改革後，它與公司的實力更加一致。由於我們的營運狀況良好，我們現在將重點轉向商業努力，以期恢復成長。正如喬治所提到的，我們在 6 月剛剛推出的計劃變更旨在更好地針對我們如何服務不同的客戶群並加速我們的包機業務的成長。我們預計，隨著這些措施的實施，成長將會加快。最近的大宗銷售趨勢，包括 7 月的強勁開局，凸顯了客戶的非常積極的反應，這讓我們對從當前水平恢復成長充滿信心。

Lastly, we are starting to plan for the future. As George touched on, we are working on a strategy to migrate our fleet to newer-generation aircraft. We expect to have more to share on that later this year. Progress on these initiatives continues to support our goal of achieving positive adjusted EBITDA later this year. In summary, we have made a lot of progress to strengthen our business in the past year. We have improved our core operations, and that places us among the industry leaders in terms of customer service metrics. We have taken out significant structural costs and inefficiencies. We have significantly reduced our cash burn. Now we are turning our sights to resuming revenue growth in order to scale our much improved platform.

最後，我們開始規劃未來。正如喬治所說，我們正在製定一項策略，將我們的機隊遷移到新一代飛機。我們預計今年稍後將有更多相關內容分享。這些舉措的進展持續支持我們在今年稍後實現正調整 EBITDA 的目標。總而言之，過去一年我們在加強業務方面取得了很大進展。我們改善了核心運營，這使我們在客戶服務指標方面躋身行業領導者之列。我們消除了龐大的結構性成本和低效率。我們顯著減少了現金消耗。現在，我們將目光轉向恢復收入成長，以擴大我們改進的平台。

With that, let me now turn it back to George for his concluding remarks.

現在讓我把話題轉回喬治的總結發言。

Thanks, Todd. Over the course of the quarter, we've made great strides in our progress toward becoming the best-run and most reliable private aviation company in the world. We've fortified our business through continuous operational excellence, which, in turn, has created the foundation for substantive updates to our product offerings that have allowed us to more fully capture the addressable market. And in Q2, we began to see the early signs of the positive effect of all of that progress on our financial performance.

謝謝，托德。在本季中，我們在成為全球營運最好、最可靠的私人航空公司方面取得了長足進步。我們透過持續卓越的營運強化了我們的業務，這反過來又為我們產品的實質更新奠定了基礎，使我們能夠更全面地佔領目標市場。在第二季度，我們開始看到所有這些進展對我們的財務表現產生積極影響的早期跡象。

With operational excellence as our base, we remain committed to continuing to capture demand through our enhanced commercial engine as we look towards modernizing our fleet to align with our mix of customers and further drive an elevated customer experience.

以卓越營運為基礎，我們仍然致力於透過增強的商業引擎繼續捕捉需求，同時我們希望實現機隊現代化，以適應我們的客戶組合，並進一步提升客戶體驗。

Before I close, I want to once again thank our best-in-class team here at Wheels Up for their continued commitment, passion and dedication to providing safe, reliable experiences worth repeating every day. I want to personally thank David Adelman, who is retiring from our Board, for his years of invaluable service and his unwavering commitment to achieving the Wheels Up mission. David was central to building the company and getting us through the challenging times of last year. Thank you, David. I'm also very pleased to welcome Greg Summe to our Board. Greg brings decades of relevant experience, including in the aviation industry, as a successful CEO, as an investor and as a member of many blue-chip public company boards. I look forward to his contributions to our Board. Greg, welcome.

在結束之前，我想再次感謝 Wheels Up 一流的團隊，感謝他們對提供值得每天重複的安全、可靠體驗的持續承諾、熱情和奉獻。我個人要感謝即將從董事會退休的戴維·阿德爾曼 (David Adelman)，感謝他多年來的寶貴服務以及對實現 Wheels Up 使命的堅定承諾。大衛是公司建設和幫助我們度過去年充滿挑戰的時期的核心人物。謝謝你，大衛。我也非常高興地歡迎 Greg Summe 加入我們的董事會。格雷格擁有數十年的相關經驗，包括在航空業、擔任成功的執行長、投資者和許多藍籌上市公司董事會的成員。我期待他為我們董事會做出貢獻。格雷格，歡迎。

And finally, most importantly, I want to thank our members and customers for their continued loyalty. We are thrilled to bring our new product portfolio to fruition and see such a positive response and remain committed to placing accessibility, flexibility and transparency at the forefront of your experience while continuously delivering an exceptional experience on every flight. Thank you for your interest.

最後，最重要的是，我要感謝我們的會員和客戶的持續忠誠。我們很高興能夠將我們的新產品組合付諸實踐並獲得如此積極的反響，並繼續致力於將可訪問性、靈活性和透明度放在您體驗的首要位置，同時不斷為每次航班提供卓越的體驗。感謝您的關注。

This concludes today's conference call. Thank you all very much for joining.

今天的電話會議到此結束。非常感謝大家的加入。