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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/03/21 Wheels Up Experience Inc. S-1 4:7.9M Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: S-1 Registration Statement (General Form) HTML 2.99M 2: EX-23.1 Consent of Expert or Counsel HTML 6K 3: EX-23.2 Consent of Expert or Counsel HTML 5K 4: EX-23.3 Consent of Expert or Counsel HTML 5K
tm2123802-1_s1 - none - 59.7190819s |
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Delaware
|
| |
4522
|
| |
98-1557048
|
|
|
(State or Other Jurisdiction of
Incorporation or Organization) |
| |
(Primary Standard Industrial
Classification Code Number) |
| |
(I.R.S. Employer
Identification No.) |
|
|
Large accelerated filer
☐
|
| |
Accelerated filer
☐
|
|
|
Non-accelerated filer
☒
|
| |
Smaller reporting company
☐
|
|
| | | |
Emerging growth company
☒
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| | ||||||||||||||||||||||||||||
Title of Each Class of Securities to be Registered
|
| | |
Amount to be
Registered(1) |
| | |
Proposed Maximum
Offering Price Per Security |
| | |
Proposed Maximum
Aggregate Offering Price |
| | |
Amount of
Registration Fee |
| ||||||||||||
Class A common stock, par value $0.0001 per
share (“Class A common stock”) |
| | | | | 193,195,497(2)(3) | | | | | | $ | 7.45(5) | | | | | | $ | 1,439,306,452.65(5) | | | | | | $ | 157,028.33 | | |
Warrants to purchase Class A common stock
|
| | | | | 4,529,950(2) | | | | | | $ | —(6) | | | | | | $ | —(6) | | | | | | $ | —(6) | | |
Class A common stock
|
| | | | | 12,521,494(2)(4) | | | | | | $ | 11.50(7) | | | | | | $ | 143,997,181.00(7) | | | | | | $ | 15,710.09 | | |
Total
|
| | | | | | | | | | | | | | | | | | $ | 1,583,303,633.65 | | | | | | $ | 172,738.43 | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 3 | | | |
| | | | | 4 | | | |
| | | | | 6 | | | |
| | | | | 10 | | | |
| | | | | 27 | | | |
| | | | | 51 | | | |
| | | | | 51 | | | |
| | | | | 52 | | | |
| | | | | 78 | | | |
| | | | | 109 | | | |
| | | | | 121 | | | |
| | | | | 132 | | | |
| | | | | 141 | | | |
| | | | | 157 | | | |
| | | | | 161 | | | |
| | | | | 174 | | | |
| | | | | 186 | | | |
| | | | | 187 | | | |
| | | | | 189 | | | |
| | | | | 189 | | | |
| | | | | 189 | | | |
| | | | | F-1 | | |
| | |
Three Months Ended March 31,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | | | |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||
Net loss
|
| | | $ | (32,213) | | | | | $ | (44,474) | | | | | $ | (85,405) | | | | | $ | (106,873) | | | | | $ | (83,237) | | |
Add back (deduct) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | 4,557 | | | | | | 6,411 | | | | | | 22,989 | | | | | | 29,360 | | | | | | 31,691 | | |
Interest income
|
| | | | (12) | | | | | | (417) | | | | | | (550) | | | | | | (615) | | | | | | (935) | | |
Depreciation and amortization
|
| | | | 13,831 | | | | | | 14,194 | | | | | | 58,529 | | | | | | 39,352 | | | | | | 35,226 | | |
Equity-based compensation expense
|
| | | | 1,414 | | | | | | 584 | | | | | | 3,342 | | | | | | 1,882 | | | | | | 2,289 | | |
Public company readiness expense(1)
|
| | | | 473 | | | | | | 158 | | | | | | 1,801 | | | | | | 1,628 | | | | | | — | | |
Acquisition, integration, and capital raise expenses(2)
|
| | | | 3,257 | | | | | | 6,191 | | | | | | 14,575 | | | | | | 14,298 | | | | | | 483 | | |
CARES Act grant
|
| | | | — | | | | | | — | | | | | | (76,376) | | | | | | — | | | | | | — | | |
| | |
Three Months Ended March 31,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | | | |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||
COVID-19 response initiatives(3)
|
| | | | — | | | | | | — | | | | | | 1,192 | | | | | | — | | | | | | — | | |
Credit loss on employee loan(4)
|
| | | | — | | | | | | — | | | | | | 5,448 | | | | | | — | | | | | | — | | |
Corporate headquarters relocation expense(5)
|
| | | | 31 | | | | | | 298 | | | | | | 2,092 | | | | | | — | | | | | | — | | |
Adjusted EBITDA
|
| | | $ | (8,662) | | | | | $ | (17,055) | | | | | $ | (52,363) | | | | | $ | (20,968) | | | | | $ | (14,483) | | |
|
| | |
Three Months Ended March 31,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | | | |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||
Revenue
|
| | | $ | 261,657 | | | | | $ | 156,096 | | | | | $ | 694,981 | | | | | $ | 384,912 | | | | | $ | 332,144 | | |
Less: Cost of revenue
|
| | | | (234,508) | | | | | | (147,958) | | | | | | (634,775) | | | | | | (340,673) | | | | | | (283,231) | | |
Less: Depreciation and amortization
|
| | | | (13,831) | | | | | | (14,194) | | | | | | (58,529) | | | | | | (39,352) | | | | | | (35,226) | | |
Gross profit (loss)
|
| | | | 13,318 | | | | | | (6,056) | | | | | $ | 1,677 | | | | | $ | 4,887 | | | | | $ | 13,687 | | |
Gross margin
|
| | | | 5.1% | | | | | | (3.9)% | | | | | | 0.2% | | | | | | 1.3% | | | | | | 4.1% | | |
Add back: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 13,831 | | | | | | 14,194 | | | | | | 58,529 | | | | | | 39,352 | | | | | | 35,226 | | |
Contribution
|
| | | $ | 27,149 | | | | | $ | 8,138 | | | | | $ | 60,206 | | | | | $ | 44,239 | | | | | $ | 48,913 | | |
Contribution margin
|
| | | | 10.4% | | | | | | 5.2% | | | | | | 8.7% | | | | | | 11.5% | | | | | | 14.7% | | |
| | |
As of March 31,
|
| | | | | | | |
As of December 31,
|
| ||||||||||||||||||||||||
| | | | |
2020
|
| |
% Change
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||||||
Active Members
|
| | | | 9,896 | | | | | | 6,324 | | | | | | 56% | | | | | | 9,212 | | | | | | 5,787 | | | | | | 4,667 | | |
Active Users
|
| | | | 10,742 | | | | | | 8,149 | | | | | | 32% | | | | | | 11,345 | | | | | | 5,787 | | | | | | 4,667 | | |
| | |
Three Months Ended March 31,
|
| | | | | | | |
Year Ended of December 31,
|
| ||||||||||||||||||||||||
| | | | |
2020
|
| |
% Change
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||||||||||||
Live Flight Legs
|
| | | | 15,278 | | | | | | 11,770 | | | | | | 30% | | | | | | 44,579 | | | | | | 38,363 | | | | | | 33,333 | | |
| | |
Three Months Ended March 31,
|
| |
Change in
|
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
$
|
| |
%
|
| ||||||||||||
Revenue
|
| | | $ | 261,657 | | | | | $ | 156,096 | | | | | $ | 105,561 | | | | | | 68% | | |
Costs and expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 234,508 | | | | | | 147,958 | | | | | | 86,550 | | | | | | 58% | | |
Technology and development
|
| | | | 7,024 | | | | | | 4,852 | | | | | | 2,172 | | | | | | 45% | | |
Sales and marketing
|
| | | | 15,794 | | | | | | 13,651 | | | | | | 2,143 | | | | | | 16% | | |
General and administrative
|
| | | | 18,168 | | | | | | 13,921 | | | | | | 4,247 | | | | | | 31% | | |
Depreciation and amortization
|
| | | | 13,831 | | | | | | 14,194 | | | | | | (363) | | | | | | (3)% | | |
Total cost and expenses
|
| | | | 289,325 | | | | | | 194,576 | | | | | | 94,749 | | | | | | 49% | | |
Loss from operations
|
| | | | (27,668) | | | | | | (38,480) | | | | | | 10,812 | | | | | | (28)% | | |
Interest income
|
| | | | 12 | | | | | | 417 | | | | | | (405) | | | | | | (97)% | | |
Interest expense
|
| | | | (4,557) | | | | | | (6,411) | | | | | | 1,854 | | | | | | (29)% | | |
Net loss
|
| | | $ | (32,213) | | | | | $ | (44,474) | | | | | $ | 12,261 | | | | | | (28)% | | |
| | |
Three Months Ended March 31,
|
| |
Change in
|
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
$
|
| |
%
|
| ||||||||||||
Flight
|
| | | $ | 190,474 | | | | | $ | 119,636 | | | | | $ | 70,838 | | | | | | 59% | | |
Membership
|
| | | | 14,974 | | | | | | 13,319 | | | | | | 1,655 | | | | | | 12% | | |
Aircraft management
|
| | | | 50,880 | | | | | | 20,788 | | | | | | 30,092 | | | | | | 145% | | |
Other
|
| | | | 5,329 | | | | | | 2,353 | | | | | | 2,976 | | | | | | 126% | | |
Total
|
| | | $ | 261,657 | | | | | $ | 156,096 | | | | | $ | 105,561 | | | | | | 68% | | |
| | |
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,
|
| |
Change in
|
| ||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
$
|
| |
%
|
| ||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 384,912 | | | | | $ | 332,144 | | | | | $ | 52,768 | | | | | | 16% | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 340,673 | | | | | | 283,231 | | | | | $ | 57,442 | | | | | | 20% | | |
Technology and development
|
| | | | 13,965 | | | | | | 8,203 | | | | | $ | 5,762 | | | | | | 70% | | |
Sales and marketing
|
| | | | 40,624 | | | | | | 42,048 | | | | | $ | (1,424) | | | | | | (3)% | | |
General and administrative
|
| | | | 28,426 | | | | | | 15,917 | | | | | $ | 12,509 | | | | | | 79% | | |
Depreciation and amortization
|
| | | | 39,352 | | | | | | 35,226 | | | | | $ | 4,126 | | | | | | 12% | | |
Total costs and expenses
|
| | | | 463,040 | | | | | | 384,625 | | | | | | 78,415 | | | | | | 20% | | |
Loss from operations
|
| | | | (78,128) | | | | | | (52,481) | | | | | $ | (25,647) | | | | | | 49% | | |
Interest income
|
| | | | 615 | | | | | | 935 | | | | | $ | (320) | | | | | | (34)% | | |
Interest expense
|
| | | | (29,360) | | | | | | (31,691) | | | | | $ | 2,331 | | | | | | (7)% | | |
Net loss
|
| | | $ | (106,873) | | | | | $ | (83,237) | | | | | $ | (23,636) | | | | | | 28% | | |
| | |
Year Ended December 31,
|
| |
Change in
|
| ||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
$
|
| |
%
|
| ||||||||||||
Flight
|
| | | | 334,263 | | | | | | 284,660 | | | | | | 49,603 | | | | | | 17% | | |
Membership
|
| | | | 45,868 | | | | | | 43,043 | | | | | | 2,825 | | | | | | 7% | | |
Other
|
| | | | 4,781 | | | | | | 4,441 | | | | | | 340 | | | | | | 8% | | |
Total
|
| | | | 384,912 | | | | | | 332,144 | | | | | | 52,768 | | | | | | 16% | | |
| | |
Three Months Ended March 31,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | | | |
2020
|
| |
2020
|
| |
2019
|
| |
2018
|
| ||||||||||||||||
Net cash (used in) provided by operating activities
|
| | | $ | (84,720) | | | | | $ | (47,487) | | | | | $ | 209,644 | | | | | $ | (24,879) | | | | | $ | (3,302) | | |
Net cash provided by (used in) investing activities
|
| | | $ | 2,919 | | | | | $ | 94,230 | | | | | $ | 81,580 | | | | | $ | (41,316) | | | | | $ | (21,562) | | |
Net cash (used in) provided by financing activities
|
| | | $ | (12,786) | | | | | $ | (9,269) | | | | | $ | (62,788) | | | | | $ | 87,383 | | | | | $ | (33,230) | | |
Net increase (decrease) in cash and cash equivalents
|
| | | $ | (94,587) | | | | | $ | 37,474 | | | | | $ | 228,436 | | | | | $ | 21,188 | | | | | $ | (58,094) | | |
|
Shares transferred at Closing(1)
|
| | | | 188,500 | | |
|
Value per share
|
| | | $ | 10.00 | | |
|
Total share consideration(2)
|
| | | $ | 1,885,000 | | |
| | |
Number of New Shares
|
| |
%
|
| ||||||
WUP equityholders(1)(2)
|
| | | | 177,740 | | | | | | 68.3% | | |
Non-controlling interest(3)
|
| | | | 10,722 | | | | | | 4.1% | | |
Aspirational’s public shareholders(4)
|
| | | | 10,608 | | | | | | 4.1% | | |
Sponsor & related parties
|
| | | | 5,994 | | | | | | 2.3% | | |
PIPE Investors
|
| | | | 55,000 | | | | | | 21.2% | | |
Pro forma Wheels Up Class A common stock at Closing
|
| | | | 260,064 | | | | | | 100.0% | | |
(in thousands)
|
| |
WUP
(Historical) |
| |
Aspirational
(Historical) |
| |
Reclassification
Adjustments (Note 2) |
| |
Transaction
Accounting Adjustments |
| | | | |
Combined
Pro Forma |
| |||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash
|
| | | $ | — | | | | | $ | 62 | | | | | $ | (62) | | | | | $ | — | | | | | | | | $ | — | | |
Cash and cash equivalents
|
| | | | 215,027 | | | | | | — | | | | | | 62 | | | | | | 239,840 | | | |
(A)
|
| | | | 599,460 | | |
| | | | | | | | | | | | | | | | | | | | | | | 550,000 | | | |
(B)
|
| | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | (8,391) | | | |
(C)
|
| | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | (60,746) | | | |
(D)
|
| | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | (373) | | | |
(D)
|
| | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | (100) | | | |
(L)
|
| | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | (133,719) | | | |
(M)
|
| | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | (202,140) | | | |
(I)
|
| | | | | | |
Accounts receivable, net
|
| | | | 55,111 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 55,111 | | |
Other receivables
|
| | | | 14,283 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 14,283 | | |
Parts and supplies inventories, net
|
| | | | 7,239 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 7,239 | | |
Deferred offering costs
|
| | | | 4,147 | | | | | | — | | | | | | — | | | | | | (4,147) | | | |
(D)
|
| | | | — | | |
Prepaid expenses
|
| | | | — | | | | | | 416 | | | | | | (416) | | | | | | — | | | | | | | | | — | | |
Prepaid expenses and other
|
| | | | 24,616 | | | | | | — | | | | | | 416 | | | | | | — | | | | | | | | | 25,032 | | |
Total current assets
|
| | | | 320,423 | | | | | | 478 | | | | | | — | | | | | | 380,224 | | | | | | | | | 701,125 | | |
Marketable securities held in trust account
|
| | | | — | | | | | | 239,840 | | | | | | — | | | | | | (239,840) | | | |
(A)
|
| | | | — | | |
Property and equipment, net
|
| | | | 319,715 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 319,715 | | |
Operating lease right-of-use assets
|
| | | | 100,300 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 100,300 | | |
Goodwill
|
| | | | 432,065 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 432,065 | | |
Intangible assets, net
|
| | | | 161,060 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 161,060 | | |
Restricted cash
|
| | | | 15,262 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 15,262 | | |
Employee loans receivable, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Other non-current assets
|
| | | | 827 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 827 | | |
Total assets
|
| | | $ | 1,349,652 | | | | | $ | 240,318 | | | | | $ | — | | | | | $ | 140,384 | | | | | | | | $ | 1,730,354 | | |
LIABILITIES, MEZZANINE EQUITY AND
EQUITY |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current maturities of long-term debt
|
| | | $ | 65,336 | | | | | $ | — | | | | | $ | — | | | | | $ | (65,336) | | | |
(I)
|
| | | $ | — | | |
Promissory note
|
| | | | — | | | | | | 100 | | | | | | — | | | | | | (100) | | | |
(L)
|
| | | | — | | |
Accounts payable
|
| | | | 44,168 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 44,168 | | |
Accrued offering costs
|
| | | | — | | | | | | 373 | | | | | | — | | | | | | (373) | | | |
(D)
|
| | | | — | | |
Accrued expenses
|
| | | | 76,296 | | | | | | 3,866 | | | | | | — | | | | | | — | | | | | | | | | 80,162 | | |
Deferred revenue, current
|
| | | | 588,978 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 588,978 | | |
Operating lease liabilities, current
|
| | | | 27,856 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 27,856 | | |
Intangible liabilities, current
|
| | | | 2,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 2,000 | | |
Other current liabilities
|
| | | | 15,955 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 15,955 | | |
Total current liabilities
|
| | | | 820,589 | | | | | | 4,339 | | | | | | — | | | | | | (65,809) | | | | | | | | | 759,119 | | |
Long-term debt
|
| | | | 136,804 | | | | | | — | | | | | | — | | | | | | (136,804) | | | |
(I)
|
| | | | — | | |
(in thousands)
|
| |
WUP
(Historical) |
| |
Aspirational
(Historical) |
| |
Reclassification
Adjustments (Note 2) |
| |
Transaction
Accounting Adjustments |
| | | | |
Combined
Pro Forma |
| |||||||||||||||
Deferred revenue, non-current
|
| | | | 1,961 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 1,961 | | |
Warrant liability
|
| | | | — | | | | | | 17,780 | | | | | | — | | | | | | — | | | | | | | | | 17,780 | | |
Deferred underwriting fee payable
|
| | | | — | | | | | | 8,391 | | | | | | — | | | | | | (8,391) | | | |
(C)
|
| | | | — | | |
Operating lease liabilities, non-current
|
| | | | 77,993 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 77,993 | | |
Deferred income taxes, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | 102 | | | |
(K)
|
| | | | 102 | | |
Intangible liabilities, non-current
|
| | | | 15,583 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 15,583 | | |
Other non-current liabilities
|
| | | | 3,522 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | 3,522 | | |
Total liabilities
|
| | | | 1,056,452 | | | | | | 30,510 | | | | | | — | | | | | | (210,902) | | | | | | | | | 876,060 | | |
Mezzanine equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A ordinary shares
|
| | | | — | | | | | | 239,840 | | | | | | — | | | | | | (239,840) | | | |
(E)
|
| | | | — | | |
Shareholders’ Equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Preference shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Class A ordinary shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Class B ordinary shares
|
| | | | — | | | | | | 1 | | | | | | — | | | | | | (1) | | | | | | | | | — | | |
Common stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | 6 | | | |
(B)
|
| | | | 27 | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | |
(M)
|
| | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | |
(G)
|
| | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | 19 | | | |
(F)
|
| | | | — | | |
Class A preferred interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
(F)
|
| | | | — | | |
Class B preferred interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
(F)
|
| | | | — | | |
Class C preferred interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
(F)
|
| | | | — | | |
Class D preferred interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
(F)
|
| | | | — | | |
Class E preferred interests
|
| | | | 369,354 | | | | | | — | | | | | | — | | | | | | (369,354) | | | |
(F)
|
| | | | — | | |
Common interests
|
| | | | 39,131 | | | | | | — | | | | | | — | | | | | | (39,131) | | | |
(F)
|
| | | | — | | |
Common restricted interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
(F)
|
| | | | — | | |
Common profits interests
|
| | | | 9,211 | | | | | | — | | | | | | — | | | | | | (9,211) | | | |
(J)
|
| | | | — | | |
Common stock options
|
| | | | 5,635 | | | | | | — | | | | | | — | | | | | | (5,635) | | | |
(F)
|
| | | | — | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | | | | | — | | | | | | 549,994 | | | |
(B)
|
| | | | 982,043 | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | 106,120 | | | |
(M)
|
| | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | (102) | | | |
(K)
|
| | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | (30,033) | | | |
(H)
|
| | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | (60,746) | | | |
(D)
|
| | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | (4,147) | | | |
(D)
|
| | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | 406,582 | | | |
(F)(J)
|
| | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | 14,375 | | | |
(F)
|
| | | | — | | |
Accumulated deficit
|
| | | | (130,131) | | | | | | (30,033) | | | | | | — | | | | | | 30,033 | | | |
(H)
|
| | | | (144,506) | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | (14,375) | | | |
(F)
|
| | | | — | | |
Total WUP members’ equity and Aspirational shareholders’ equity
|
| | | | 293,200 | | | | | | (30,032) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Total shareholders’ equity
|
| | | | — | | | | | | — | | | | | | — | | | | | | 574,396 | | | | | | | | | 837,564 | | |
Non-controlling interest
|
| | | | — | | | | | | — | | | | | | — | | | | | | 16,730 | | | |
(J)
|
| | | | 16,730 | | |
Total equity (deficit)
|
| | | | 293,200 | | | | | | (30,032) | | | | | | — | | | | | | 591,126 | | | | | | | | | 854,294 | | |
Total liabilities, mezzanine equity and equity
|
| | | $ | 1,349,652 | | | | | $ | 240,318 | | | | | $ | — | | | | | $ | 140,384 | | | | | | | | $ | 1,730,354 | | |
|
(in thousands, except share and per share amounts)
|
| |
WUP
(Historical) |
| |
Aspirational
(Historical) |
| |
Transaction
Accounting Adjustments |
| | | | |
Combined
Pro Forma |
| | | | ||||||||||||
Revenue
|
| | | $ | 261,657 | | | | | $ | — | | | | | $ | — | | | | | | | | $ | 261,657 | | | | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Formation and operational costs
|
| | | | — | | | | | | 3,705 | | | | | | — | | | | | | | | | 3,705 | | | | | |
Cost of revenue
|
| | | | 234,508 | | | | | | — | | | | | | — | | | | | | | | | 234,508 | | | | | |
Technology and development
|
| | | | 7,024 | | | | | | — | | | | | | — | | | | | | | | | 7,024 | | | | | |
Sales and marketing
|
| | | | 15,794 | | | | | | — | | | | | | — | | | | | | | | | 15,794 | | | | | |
General and administrative
|
| | | | 18,168 | | | | | | — | | | | | | 2,875 | | | |
(F)
|
| | | | 21,043 | | | | | |
Depreciation and amortization
|
| | | | 13,831 | | | | | | — | | | | | | — | | | | | | | | | 13,831 | | | | | |
Total costs and expenses
|
| | | | 289,325 | | | | | | 3,705 | | | | | | 2,875 | | | | | | | | | 295,905 | | | | | |
Loss from operations
|
| | | | (27,668) | | | | | | (3,705) | | | | | | (2,875) | | | | | | | | | (34,248) | | | | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest earned on marketable securities held in trust account
|
| | | | — | | | | | | 45 | | | | | | (45) | | | |
(AA)
|
| | | | — | | | | | |
Interest income
|
| | | | 12 | | | | | | — | | | | | | — | | | | | | | | | 12 | | | | | |
Interest expense
|
| | | | (4,557) | | | | | | — | | | | | | — | | | | | | | | | (4,557) | | | | | |
Change in fair value of warrant liability
|
| | | | — | | | | | | (4,507) | | | | | | — | | | | | | | | | (4,507) | | | | | |
Total other expense
|
| | | | (4,545) | | | | | | (4,462) | | | | | | (45) | | | | | | | | | (9,052) | | | | | |
Loss before income taxes
|
| | | | (32,213) | | | | | | (8,167) | | | | | | (2,920) | | | | | | | | | (43,300) | | | | | |
Income tax expense
|
| | | | — | | | | | | — | | | | | | — | | | |
(BB)
|
| | | | — | | | | | |
Net loss
|
| | | | (32,213) | | | | | | (8,167) | | | | | | (2,920) | | | | | | | | | (43,300) | | | | | |
Net loss attributable to non-controlling interest
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | $ | (1,785) | | | |
(CC)
|
|
Net loss attributable to controlling interest
|
| | | $ | (32,213) | | | | | $ | (8,167) | | | | | $ | (2,920) | | | | | | | | $ | (41,515) | | | | | |
Weighted average shares outstanding of
common stock – basic |
| | | | N/A | | | | | | 6,927,636 | | | | | | | | | | | | | | | 240,625,380 | | | | | |
Weighted average shares outstanding of
common stock – diluted |
| | | | N/A | | | | | | 6,927,636 | | | | | | | | | | | | | | | 240,625,380 | | | | | |
Basic net loss per share
|
| | | | N/A | | | | | $ | (1.18) | | | | | | | | | | | | | | $ | (0.17) | | | | | |
Diluted net loss per share
|
| | | | N/A | | | | | $ | (1.18) | | | | | | | | | | | | | | $ | (0.17) | | | | | |
(in thousands, except share and per share
amounts) |
| |
WUP
(Historical) |
| |
DPJ
(Historical from 1/1/20 to 1/17/20) |
| |
WUP
Combined Pro Forma |
| |
Aspirational
(Historical from 7/7/20 to 12/31/20, As Restated) |
| |
Transaction
Accounting Adjustments |
| | | | |
Combined
Pro Forma |
| | | | ||||||||||||||||||
Revenue
|
| | | $ | 694,981 | | | | | $ | 11,096 | | | | | $ | 706,077 | | | | | $ | — | | | | | $ | — | | | | | | | | $ | 706,077 | | | | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Formation and operational costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,114 | | | | | | — | | | | | | | | | 2,114 | | | | | |
Cost of revenue
|
| | | | 634,775 | | | | | | 11,329 | | | | | | 646,104 | | | | | | — | | | | | | — | | | | | | | | | 646,104 | | | | | |
Technology and development
|
| | | | 21,010 | | | | | | — | | | | | | 21,010 | | | | | | — | | | | | | — | | | | | | | | | 21,010 | | | | | |
Sales and marketing
|
| | | | 55,124 | | | | | | 135 | | | | | | 55,259 | | | | | | — | | | | | | — | | | | | | | | | 55,259 | | | | | |
General and administrative
|
| | | | 64,885 | | | | | | 913 | | | | | | 65,798 | | | | | | — | | | | | | 11,500 | | | |
(F)
|
| | | | 77,298 | | | | | |
Depreciation and amortization
|
| | | | 58,529 | | | | | | 15 | | | | | | 58,544 | | | | | | — | | | | | | — | | | | | | | | | 58,544 | | | | | |
CARES Act grant
|
| | | | (76,376) | | | | | | — | | | | | | (76,376) | | | | | | — | | | | | | — | | | | | | | | | (76,376) | | | | | |
Total costs and expenses
|
| | | | 757,947 | | | | | | 12,392 | | | | | | 770,339 | | | | | | 2,114 | | | | | | 11,500 | | | | | | | | | 783,953 | | | | | |
Loss from operations
|
| | | | (62,966) | | | | | | (1,296) | | | | | | (64,262) | | | | | | (2,114) | | | | | | (11,500) | | | | | | | | | (77,876) | | | | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest earned on marketable securities held in trust account
|
| | | | — | | | | | | — | | | | | | — | | | | | | 50 | | | | | | (50) | | | |
(AA)
|
| | | | — | | | | | |
Interest income
|
| | | | 550 | | | | | | 124 | | | | | | 674 | | | | | | — | | | | | | — | | | | | | | | | 674 | | | | | |
Interest expense
|
| | | | (22,989) | | | | | | — | | | | | | (22,989) | | | | | | — | | | | | | — | | | | | | | | | (22,989) | | | | | |
Change in fair value of warrant liability
|
| | | | — | | | | | | — | | | | | | — | | | | | | 407 | | | | | | — | | | | | | | | | 407 | | | | | |
Unrealized loss on marketable securities held in trust account
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1) | | | | | | 1 | | | |
(AA)
|
| | | | — | | | | | |
Total other income (expense)
|
| | | | (22,439) | | | | | | 124 | | | | | | (22,315) | | | | | | 456 | | | | | | (49) | | | | | | | | | (21,908) | | | | | |
Loss before income taxes
|
| | | | (85,405) | | | | | | (1,172) | | | | | | (86,577) | | | | | | (1,658) | | | | | | (11,549) | | | | | | | | | (99,784) | | | | | |
Income tax expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
(BB)
|
| | | | — | | | | | |
Net loss
|
| | | | (85,405) | | | | | | (1,172) | | | | | | (86,577) | | | | | | (1,658) | | | | | | (11,549) | | | | | | | | | (99,784) | | | | | |
Net loss attributable to non-controlling
interest |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | (4,114) | | | |
(DD)
|
|
Net loss attributable to controlling interest
|
| | | $ | (85,405) | | | | | $ | (1,172) | | | | | $ | (86,577) | | | | | $ | (1,658) | | | | | $ | (11,549) | | | | | | | | $ | (95,670) | | | | | |
Weighted average shares outstanding of common stock – basic
|
| | | | N/A | | | | | | | | | | | | | | | | | | 7,230,225 | | | | | | | | | | | | | | | 240,625,380 | | | | | |
Weighted average shares outstanding of common stock – diluted
|
| | | | N/A | | | | | | | | | | | | | | | | | | 7,230,225 | | | | | | | | | | | | | | | 240,625,380 | | | | | |
Basic net loss per share
|
| | | | N/A | | | | | | | | | | | | | | | | | $ | (0.24) | | | | | | | | | | | | | | $ | (0.40) | | | | | |
Diluted net loss per share
|
| | | | N/A | | | | | | | | | | | | | | | | | $ | (0.24) | | | | | | | | | | | | | | $ | (0.40) | | | | | |
|
Pro forma loss before income taxes
|
| | | $ | (43,300) | | |
|
Pro forma loss attributable to non-controlling interest (4.1%)
|
| | | $ | (1,785) | | |
|
Pro forma loss before income taxes
|
| | | $ | (99,784) | | |
|
Pro forma loss attributable to non-controlling interest (4.1%)
|
| | | $ | (4,114) | | |
| | |
Three Months Ended
March 31, 2021 |
| |||
Pro forma net loss attributable to common stockholders
|
| | | $ | (41,515) | | |
Weighted average shares outstanding of common stock
|
| | | | 240,625,380 | | |
Net loss per share (Basic and Diluted) attributable to common stockholders(1)(2)(3)(4)
|
| | | $ | (0.17) | | |
| | | | ||||
Pro forma net loss attributable to common stockholders
|
| | | $ | (95,670) | | |
Weighted average shares outstanding of common stock
|
| | | | 240,625,380 | | |
Net loss per share (basic and diluted) attributable to common stockholders(1)(2)(3)(4)
|
| | | $ | (0.40) | | |
Name
|
| |
Age
|
| |
Position
|
|
Executive Officers | | | | | | | |
Kenny Dichter | | |
53
|
| | Chief Executive Officer and Chairman of the Board | |
Lee Applbaum | | |
50
|
| | Chief Marketing Officer | |
Thomas W. Bergeson | | |
58
|
| | Chief Operating Officer | |
Vinayak Hegde | | |
51
|
| | Chief Marketplace Officer | |
Laura Heltebran | | |
56
|
| | Chief Legal Officer | |
Jason Horowitz | | |
50
|
| | Chief Business Officer | |
Eric Jacobs | | |
54
|
| | Chief Financial Officer | |
Francesca Molinari | | |
52
|
| | Chief People Officer | |
Non-Employee Directors | | | | | | | |
David Adelman(2)(3) | | |
49
|
| | Director | |
Timothy Armstrong(3) | | |
50
|
| | Director | |
Chih Cheung(1) | | |
50
|
| | Director | |
Marc Farrell(1) | | |
38
|
| | Director | |
Admiral Michael Mullen(2)(4) | | |
64
|
| | Director | |
Eric Phillips(4) | | |
50
|
| | Director | |
Brian Radecki(1) | | |
50
|
| | Director | |
Susan Schuman(2)(3) | | |
62
|
| | Director | |
Erik Snell(4) | | |
44
|
| | Director | |
Ravi Thakran | | |
58
|
| | Director | |
|
Lead Director
|
| | | $ | 35,000 | | |
|
Audit Committee Chair
|
| | | $ | 12,000 | | |
|
Compensation Committee Chair
|
| | | $ | 10,000 | | |
|
Nominating and ESG Committee Chair
|
| | | $ | 10,000 | | |
|
Safety and Security Committee Chair
|
| | | $ | 10,000 | | |
Name
|
| |
Position
|
| |
Amount of Subscription/Shares of Class A
common stock |
|
360 Capital Investments, LLC (affiliated with Brian Radecki) | | | WUP Director | | | $500,000/50,000 | |
AMN Partners LLC (affiliated with Alan Goldfarb) | | | WUP Director | | | $400,000/40,000 | |
Entities Affiliated with Chih Cheung | | | WUP Director | | | $500,000/50,000 | |
Persons/entities affiliated with or related to Tim Armstrong | | | WUP Director | | | $250,000/25,000 | |
Entities Affiliated with Fidelity | | | 5% Shareholder | | | $45,000,000/4,500,000 | |
Funds and accounts managed by T. Rowe Price | | | 5% Shareholder | | | $20,000,000/2,000,000 | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($)(2) |
| |
Bonus
($) |
| |
Stock
Awards ($)(5) |
| |
Option
Awards ($)(7) |
| |
Non-Equity
Plan Compensation ($)(8) |
| |
All Other
Compensation ($) |
| |
Total
($) |
| ||||||||||||||||||||||||
Kenny Dichter
Founder & Chief Executive Officer |
| | | | 2020 | | | | | | 842,212 | | | | | | 175,000(4) | | | | | | 3,045,445(6) | | | | | | — | | | | | | 1,900,000 | | | | | | 893,309(9) | | | | | | 6,855,966 | | |
Eric Jacobs(1)
Chief Financial Officer |
| | | | 2020 | | | | | | 450,793 | | | | | | — | | | | | | — | | | | | | — | | | | | | 475,000 | | | | | | 84,414(10) | | | | | | 1,010,207 | | |
Jason K. Horowitz
Chief Business Officer |
| | | | 2020 | | | | | | 450,793 | | | | | | — | | | | | | 1,125,000 | | | | | | — | | | | | | 475,000 | | | | | | 44,683(11) | | | | | | 2,095,476 | | |
Lee Applbaum
Chief Marketing Officer |
| | | | 2020 | | | | | | 57,885(3) | | | | | | — | | | | | | — | | | | | | 2,059,800 | | | | | | —(3) | | | | | | —(12) | | | | | | 2,117,685 | | |
| | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||||||||||||||
Name
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable(1) |
| |
Option
Exercise Price |
| |
Option
Expiration Date |
| |
Number of
Shares or Units of Stock That Have Not Vested (#) |
| |
Market
Value of Share or Units of Stock That Have Not Vested ($)(5) |
| |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(6) |
| |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(7) |
| ||||||||||||||||||||||||
Kenny Dichter
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 17,517,307(2) | | | | | | 9,826,853 | | | | | | 5,136,963 | | | | | | 20,547,852 | | |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,960,000(3) | | | | | | 1,489,600 | | | | | | 2,750,000 | | | | | | 11,000,000 | | | |
Jason Horowitz
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 611,000(4) | | | | | | 464,360 | | | | | | 2,000,000 | | | | | | 8,000,000 | | |
Lee Applbaum
|
| | | | 0 | | | | | | 75,000 | | | | | $ | 3.48 | | | | | | 10/13/2030 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 0 | | | | | | 2,500,000 | | | | | $ | 3.48 | | | | | | 11/2/2030 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Name
|
| |
Option
Awards ($)(1) |
| |
All Other
Compensation ($)(2) |
| |
Total
($) |
| |||||||||
| | | | 114,600 | | | | | | — | | | | | | 114,600 | | | |
| | | | 76,400 | | | | | | 6,026 | | | | | | 82,426 | | | |
| | | | 76,400 | | | | | | 29,557 | | | | | | 105,957 | | | |
Alan Goldfarb
|
| | | | 76,400 | | | | | | 21,836 | | | | | | 98,236 | | |
| | | | — | | | | | | — | | | | | | — | | | |
| | | | 95,500 | | | | | | 22,383 | | | | | | 117,883 | | | |
| | | | — | | | | | | — | | | | | | — | | |
|
Name and Address of Beneficial Owner(1)
|
| |
Number of Shares of Class A Common Stock
Beneficially Owned |
| |
Percentage of Outstanding Class A
Common Stock |
|
| 5% Stockholders: | | | | | | | |
|
Delta Air Lines, Inc.(2)
|
| |
52,000,995
|
| |
21.2%
|
|
|
Entities affiliated with Fidelity(3)
|
| |
17,093,379
|
| |
7.0%
|
|
|
Entities affiliated with T. Rowe Price(4)
|
| |
13,633,936
|
| |
5.6%
|
|
| Executive Officers and Directors: | | | | | | | |
| | |
15,461,026
|
| |
6.3%
|
| |
|
Lee Applbaum(6)
|
| |
305,009
|
| |
*
|
|
|
Jason Horowitz(7)
|
| |
1,879,601
|
| |
*
|
|
|
Eric Jacobs(8)
|
| |
1,800,929
|
| |
*
|
|
| | |
—
|
| |
—
|
| |
|
Erik Phillips
|
| |
—
|
| |
—
|
|
|
Admiral Michael Mullen(9)
|
| |
90,148
|
| |
*
|
|
|
Brian Radecki(10)
|
| |
169,686
|
| |
*
|
|
|
Chih Cheung(11)
|
| |
106,313
|
| |
*
|
|
|
David Adelman(12)
|
| |
1,153,437
|
| |
*
|
|
| | |
—
|
| |
—
|
| |
|
Susan Schuman(13)
|
| |
17,264
|
| |
*
|
|
| | |
1,035,718
|
| |
*
|
| |
|
Ravi Thakran(15)
|
| |
3,082,339
|
| |
1.3%
|
|
|
All Wheels Up directors and executive officers as a group (17 individuals)
|
| |
25,907,156
|
| |
10.3%
|
|
| | |
Before the Offering
|
| |
After the Offering
|
| ||||||||||||||||||||||||||||||||||||||||||
Name of Selling Securityholders(1)
|
| |
Number of
Shares of Class A Common Stock |
| |
Number
of Warrants |
| |
Number of
Shares of Class A Common Stock Being Offered |
| |
Number of
Warrants Being Offered |
| |
Number of
Shares of Class A Common Stock |
| |
Percentage of
Shares of Class A Common Stock |
| |
Number
of Warrants(109) |
| |
Percentage of
Outstanding Warrants(109) |
| ||||||||||||||||||||||||
Delta Air Lines, Inc.(2)
|
| | | | 54,309,541 | | | | | | — | | | | | | 54,309,541 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
T. Rowe Price New Horizons Fund,
Inc.(3) |
| | | | 10,959,020 | | | | | | — | | | | | | 10,959,020 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
T. Rowe Price New Horizons Trust(4)
|
| | | | 1,135,228 | | | | | | — | | | | | | 1,135,228 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
T. Rowe Price U.S. Equities Trust(5)
|
| | | | 85,067 | | | | | | — | | | | | | 85,067 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mag & Co fbo Fidelity Growth Company Commingled Pool(6)
|
| | | | 6,256,350 | | | | | | — | | | | | | 6,256,350 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mag & Co fbo Fidelity Mt. Vernon
Street Trust: Fidelity Series Growth Company Fund(7) |
| | | | 1,754,871 | | | | | | — | | | | | | 1,754,871 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Powhatan & Co., LLC fbo Fidelity
Mt. Vernon Street Trust: Fidelity Growth Company Fund(8) |
| | | | 6,333,251 | | | | | | — | | | | | | 6,333,251 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Before the Offering
|
| |
After the Offering
|
| ||||||||||||||||||||||||||||||||||||||||||
Name of Selling Securityholders(1)
|
| |
Number of
Shares of Class A Common Stock |
| |
Number
of Warrants |
| |
Number of
Shares of Class A Common Stock Being Offered |
| |
Number of
Warrants Being Offered |
| |
Number of
Shares of Class A Common Stock |
| |
Percentage of
Shares of Class A Common Stock |
| |
Number
of Warrants(109) |
| |
Percentage of
Outstanding Warrants(109) |
| ||||||||||||||||||||||||
Booth & Co fbo Fidelity Securities
Fund: Fidelity OTC Portfolio(9) |
| | | | 846,444 | | | | | | — | | | | | | 846,444 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
New Enterprise Associates 15, L.P.(10)
|
| | | | 1,108,372 | | | | | | — | | | | | | 1,108,372 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Talon Aviation, Inc.(11)
|
| | | | 4,145,096 | | | | | | — | | | | | | 4,145,096 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Franklin Growth Opportunities Fund(12)
|
| | | | 2,417,972 | | | | | | — | | | | | | 2,417,972 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Franklin Small Cap Growth Fund(13)
|
| | | | 2,072,547 | | | | | | — | | | | | | 2,072,547 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Kenneth Dichter(14)
|
| | | | 24,053,519 | | | | | | — | | | | | | 24,053,519 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Lee Applbaum(15)
|
| | | | 1,195,104 | | | | | | — | | | | | | 1,195,104 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Thomas W. Bergeson(16)
|
| | | | 805,686 | | | | | | — | | | | | | 805,686 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Dan Crowe(17)
|
| | | | 860,492 | | | | | | — | | | | | | 860,492 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stephanie Chung(18)
|
| | | | 115,098 | | | | | | — | | | | | | 115,098 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Lee Gossett(19)
|
| | | | 161,136 | | | | | | — | | | | | | 161,136 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Greg Greeley(20)
|
| | | | 1,150,980 | | | | | | — | | | | | | 1,150,980 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Henry Schachar(21)
|
| | | | 1,221,265 | | | | | | — | | | | | | 1,221,265 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Laura Heltebran(22)
|
| | | | 460,392 | | | | | | — | | | | | | 460,392 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jason Horowitz(23)
|
| | | | 3,260,988 | | | | | | — | | | | | | 3,260,988 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Eric Jacobs(24)
|
| | | | 3,207,141 | | | | | | — | | | | | | 3,207,141 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Francesca Molinari(25)
|
| | | | 345,294 | | | | | | — | | | | | | 345,294 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ken Napolitano(26)
|
| | | | 956,550 | | | | | | — | | | | | | 956,550 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Daniel Tharp(27)
|
| | | | 1,542,678 | | | | | | — | | | | | | 1,542,678 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
David Adelman(28)
|
| | | | 1,368,802 | | | | | | — | | | | | | 1,368,802 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | 1,132,044 | | | | | | — | | | | | | 1,133,576 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
Chih Cheung(30)
|
| | | | 216,245 | | | | | | — | | | | | | 216,245 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Alan Goldfarb(31)
|
| | | | 497,188 | | | | | | — | | | | | | 497,188 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Brian Radecki(32)
|
| | | | 301,322 | | | | | | — | | | | | | 301,322 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Susan Schuman(33)
|
| | | | 34,529 | | | | | | — | | | | | | 34,529 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Michael Mullen(34)
|
| | | | 117,650 | | | | | | — | | | | | | 117,650 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Shoshana Dichter(35)
|
| | | | 4,807 | | | | | | — | | | | | | 4,807 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Artisan Small Cap Fund, a mutual fund series of Artisan Partners Funds, Inc.(36)
|
| | | | 1,000,000 | | | | | | — | | | | | | 1,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Durable Capital Master Fund LP(37)
|
| | | | 2,500,000 | | | | | | — | | | | | | 2,500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
FLAPPER CO fbo FIAM Target Date Blue Chip Growth Commingled Pool(38)
|
| | | | 88,809 | | | | | | — | | | | | | 88,809 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mag & Co fbo Fidelity Blue Chip Growth Commingled Pool(39)
|
| | | | 38,332 | | | | | | — | | | | | | 38,332 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mag & Co fbo Fidelity Securities
Fund: Fidelity Blue Chip Growth Fund(40) |
| | | | 1,113,277 | | | | | | — | | | | | | 1,113,277 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Before the Offering
|
| |
After the Offering
|
| ||||||||||||||||||||||||||||||||||||||||||
Name of Selling Securityholders(1)
|
| |
Number of
Shares of Class A Common Stock |
| |
Number
of Warrants |
| |
Number of
Shares of Class A Common Stock Being Offered |
| |
Number of
Warrants Being Offered |
| |
Number of
Shares of Class A Common Stock |
| |
Percentage of
Shares of Class A Common Stock |
| |
Number
of Warrants(109) |
| |
Percentage of
Outstanding Warrants(109) |
| ||||||||||||||||||||||||
THISBE & Co: FBO Fidelity Blue Chip Growth Institutional Trust(41)
|
| | | | 3,064 | | | | | | — | | | | | | 3,064 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Powhatan & Co., LLC fbo Fidelity
Mt. Vernon Street Trust: Fidelity Growth Company K6 Fund(42) |
| | | | 961,536 | | | | | | — | | | | | | 961,536 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Booth & Co fbo Fidelity Securities
Fund: Fidelity Flex Large Cap Growth Fund(43) |
| | | | 2,337 | | | | | | — | | | | | | 2,337 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
WAVECHART + CO fbo Fidelity Securities Fund: Fidelity Series Blue Chip Growth Fund(44)
|
| | | | 132,086 | | | | | | — | | | | | | 132,086 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Booth & Co FBO Fidelity Securities
Fund: Fidelity Blue Chip Growth K6 Fund(45) |
| | | | 122,096 | | | | | | — | | | | | | 122,096 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Franklin Strategic Series — Franklin Grown Opportunities Fund(46)
|
| | | | 3,500,000 | | | | | | — | | | | | | 3,500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Franklin Strategic Series — Franklin Small Cap Grown Fund(47)
|
| | | | 2,000,000 | | | | | | — | | | | | | 2,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Franklin Templeton Investment Funds — Templeton Global Income Fund(48)
|
| | | | 224,500 | | | | | | — | | | | | | 224,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Franklin Templeton Investment Funds — Templeton Global Smaller Companies Fund(49)
|
| | | | 115,000 | | | | | | — | | | | | | 115,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
MassMutual Select
Funds — MassMutual Select T. Rowe Price Small and Mid Cap Blend Fund(50) |
| | | | 18,235 | | | | | | — | | | | | | 18,235 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
T. Rowe Price Small- Cap Value Fund, Inc.(51)
|
| | | | 1,457,300 | | | | | | — | | | | | | 1,457,300 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
T. Rowe Price U.S. Small-Cap Value
Equities Trust(52) |
| | | | 495,566 | | | | | | — | | | | | | 495,566 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Templeton Global Investment Trust — Templeton Global Balanced Fund(53)
|
| | | | 439,500 | | | | | | — | | | | | | 439,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Templeton Global Smaller Companies Fund(54)
|
| | | | 1,229,000 | | | | | | — | | | | | | 1,229,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Templeton Global Smaller Companies Fund(55)
|
| | | | 192,000 | | | | | | — | | | | | | 192,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Alyeska Master Fund, LP(56)
|
| | | | 1,750,000 | | | | | | — | | | | | | 1,750,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
BEMAP Master Fund Ltd (Monashee)(57)
|
| | | | 571,776 | | | | | | — | | | | | | 571,776 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Bespoke Alpha MAC MIM LP (Monashee)(58)
|
| | | | 73,194 | | | | | | — | | | | | | 73,194 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Before the Offering
|
| |
After the Offering
|
| ||||||||||||||||||||||||||||||||||||||||||
Name of Selling Securityholders(1)
|
| |
Number of
Shares of Class A Common Stock |
| |
Number
of Warrants |
| |
Number of
Shares of Class A Common Stock Being Offered |
| |
Number of
Warrants Being Offered |
| |
Number of
Shares of Class A Common Stock |
| |
Percentage of
Shares of Class A Common Stock |
| |
Number
of Warrants(109) |
| |
Percentage of
Outstanding Warrants(109) |
| ||||||||||||||||||||||||
Citadel Multi-StrategyEquities Master Fund Ltd.(59)
|
| | | | 1,500,000 | | | | | | — | | | | | | 1,500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
DS Liquid Div RVA MON LLC (Monashee)(60)
|
| | | | 482,232 | | | | | | — | | | | | | 482,232 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
EC Longhorn LLC(61)
|
| | | | 286,756 | | | | | | — | | | | | | 286,756 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Eminence Holdings LLC(62)
|
| | | | 1,713,244 | | | | | | — | | | | | | 1,713,244 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ghisallo Master Fund LP(63)
|
| | | | 1,500,000 | | | | | | — | | | | | | 1,500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Entities affiliated with Hedosophia(64)
|
| | | | 2,324,545 | | | | | | — | | | | | | 2,324,545 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
HG Vora Special Opportunities Master Fund, Ltd.(65)
|
| | | | 9,000,000 | | | | | | — | | | | | | 9,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Hunter Peak Investments Fund, LP(66)
|
| | | | 300,000 | | | | | | — | | | | | | 300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Integrated Core Strategies (US) LLC/Millennium(67)
|
| | | | 1,750,000 | | | | | | — | | | | | | 1,750,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jane Street Global Trading, LLC(68)
|
| | | | 1,500,000 | | | | | | — | | | | | | 1,500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
JPK Capital Holdings (Barbados) Inc.(69)
|
| | | | 50,000 | | | | | | — | | | | | | 50,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
JPK Capital Holdings (Barbados) Inc.(70)
|
| | | | 500,000 | | | | | | — | | | | | | 500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Linden Capital L.P.(71)
|
| | | | 1,000,000 | | | | | | — | | | | | | 1,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Luxor Capital Partners(72)
|
| | | | 1,146,122 | | | | | | — | | | | | | 1,146,122 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Luxor Capital Partners Long(73)
|
| | | | 30,446 | | | | | | — | | | | | | 30,446 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Luxor Capital Partners Long Offshore Master Fund(74)
|
| | | | 8,419 | | | | | | — | | | | | | 8,419 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Luxor Capital Partners Offshore Master Fund(75)
|
| | | | 721,095 | | | | | | — | | | | | | 721,095 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Luxor Wavefront(76)
|
| | | | 593,918 | | | | | | — | | | | | | 593,918 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Millais Limited(77)
|
| | | | 300,000 | | | | | | — | | | | | | 300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
BMO Nesbitt Burns ITF MMCAP
International Inc. SPC for and on behalf of MMCAP Master Segregated Portfolio(78) |
| | | | 500,000 | | | | | | — | | | | | | 500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
MMF LT, LLC(79)
|
| | | | 1,500,000 | | | | | | — | | | | | | 1,500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Monashee Pure Alpha SPV
I LP (80) |
| | | | 339,842 | | | | | | — | | | | | | 339,842 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Monashee Solitario Fund LP(81)
|
| | | | 435,922 | | | | | | — | | | | | | 435,922 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Norges Bank(82)
|
| | | | 2,000,000 | | | | | | — | | | | | | 2,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
SFL SPV I LLC (Monashee)(83)
|
| | | | 97,034 | | | | | | — | | | | | | 97,034 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sixth Sense Advisory LLC(84)
|
| | | | 30,000 | | | | | | — | | | | | | 30,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
The 2019 Michael G. Mullen Irrevocable Trust(85)
|
| | | | 5,000 | | | | | | — | | | | | | 5,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
The HGC Fund LP(86)
|
| | | | 500,000 | | | | | | — | | | | | | 500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Third Point Loan(87)
|
| | | | 2,500,000 | | | | | | — | | | | | | 2,500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Before the Offering
|
| |
After the Offering
|
| ||||||||||||||||||||||||||||||||||||||||||
Name of Selling Securityholders(1)
|
| |
Number of
Shares of Class A Common Stock |
| |
Number
of Warrants |
| |
Number of
Shares of Class A Common Stock Being Offered |
| |
Number of
Warrants Being Offered |
| |
Number of
Shares of Class A Common Stock |
| |
Percentage of
Shares of Class A Common Stock |
| |
Number
of Warrants(109) |
| |
Percentage of
Outstanding Warrants(109) |
| ||||||||||||||||||||||||
Times Square Capital , LLC on behalf of PG&E Company Retirement Master Trust(88)
|
| | | | 73,000 | | | | | | — | | | | | | 73,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Times Square Capital Management,
LLC American Legacy Fund(89) |
| | | | 10,000 | | | | | | — | | | | | | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Times Square Capital Management,
LLC Collective Investment Trust(90) |
| | | | 275,000 | | | | | | — | | | | | | 275,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Times Square Capital Management,
LLC on behalf of Cox Enterprises Inc. Master Trust(91) |
| | | | 90,000 | | | | | | — | | | | | | 90,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Times Square Capital Management,
LLC on behalf of Guidestone Capital Management, LLC(92) |
| | | | 100,500 | | | | | | — | | | | | | 100,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Times Square Capital Management,
LLC on behalf of Hallmark Cards Inc Master Trust(93) |
| | | | 15,000 | | | | | | — | | | | | | 15,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Times Square Capital Management,
LLC on behalf of Pacific Gas and Electric Company Post Retirement Medical Plan Trust Non-Management Employees and Retirees(94) |
| | | | 3,300 | | | | | | — | | | | | | 3,300 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Times Square Capital Management,
LLC on behalf of Prudential Retirement Insurance and Annuity Company(95) |
| | | | 468,900 | | | | | | — | | | | | | 468,900 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Times Square Capital Management,
LLC on behalf of The Kemper & Ethel Marley Foundation(96) |
| | | | 10,500 | | | | | | — | | | | | | 10,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Times Square Capital Management,
LLC on behalf of Supervalu Inc. Master Investment Trust(97) |
| | | | 3,800 | | | | | | — | | | | | | 3,800 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Topia Ventures, LLC(98)
|
| | | | 500,000 | | | | | | — | | | | | | 500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Vellar Opportunites Fund Master, Ltd.(99)
|
| | | | 200,000 | | | | | | — | | | | | | 200,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Weiss Ventures I LLC(100)
|
| | | | 1,500,000 | | | | | | — | | | | | | 1,500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ravinder Singh Thakran(101)
|
| | | | 3,082,339(102) | | | | | | 1,336,335 | | | | | | 3,082,339(102) | | | | | | 1,336,335 | | | | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | — | | |
Liber Pater, LLC(103)
|
| | | | 3,552,527(104) | | | | | | 1,540,183 | | | | | | 3,552,527(104) | | | | | | 1,540,183 | | | | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | — | | |
Birdwing Investments Limited(105)
|
| | | | 1,044,861(106) | | | | | | 452,995 | | | | | | 1,044,861(106) | | | | | | 452,995 | | | | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | — | | |
Additional Selling Holders(107)
|
| | | | 541,549(108) | | | | | | 22,650 | | | | | | 541,549(108) | | | | | | 22,650 | | | | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | — | | |
Redemption Date
|
| |
Fair Market Value of Shares of Class A Common Stock
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
(Period to expiration of warrants)
|
| | | | ≤10.00 | | | | | | 11.00 | | | | | | 12.00 | | | | | | 13.00 | | | | | | 14.00 | | | | | | 15.00 | | | | | | 16.00 | | | | | | 17.00 | | | | | | ≥18.00 | | |
60 months
|
| | | | 0.261 | | | | | | 0.281 | | | | | | 0.297 | | | | | | 0.311 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.361 | | |
57 months
|
| | | | 0.257 | | | | | | 0.277 | | | | | | 0.294 | | | | | | 0.310 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.361 | | |
54 months
|
| | | | 0.252 | | | | | | 0.272 | | | | | | 0.291 | | | | | | 0.307 | | | | | | 0.322 | | | | | | 0.335 | | | | | | 0.347 | | | | | | 0.357 | | | | | | 0.361 | | |
51 months
|
| | | | 0.246 | | | | | | 0.268 | | | | | | 0.287 | | | | | | 0.304 | | | | | | 0.320 | | | | | | 0.333 | | | | | | 0.346 | | | | | | 0.357 | | | | | | 0.361 | | |
48 months
|
| | | | 0.241 | | | | | | 0.263 | | | | | | 0.283 | | | | | | 0.301 | | | | | | 0.317 | | | | | | 0.332 | | | | | | 0.344 | | | | | | 0.356 | | | | | | 0.361 | | |
45 months
|
| | | | 0.235 | | | | | | 0.258 | | | | | | 0.279 | | | | | | 0.298 | | | | | | 0.315 | | | | | | 0.330 | | | | | | 0.343 | | | | | | 0.356 | | | | | | 0.361 | | |
42 months
|
| | | | 0.228 | | | | | | 0.252 | | | | | | 0.274 | | | | | | 0.294 | | | | | | 0.312 | | | | | | 0.328 | | | | | | 0.342 | | | | | | 0.355 | | | | | | 0.361 | | |
39 months
|
| | | | 0.221 | | | | | | 0.246 | | | | | | 0.269 | | | | | | 0.290 | | | | | | 0.309 | | | | | | 0.325 | | | | | | 0.340 | | | | | | 0.354 | | | | | | 0.361 | | |
36 months
|
| | | | 0.213 | | | | | | 0.239 | | | | | | 0.263 | | | | | | 0.285 | | | | | | 0.305 | | | | | | 0.323 | | | | | | 0.339 | | | | | | 0.353 | | | | | | 0.361 | | |
33 months
|
| | | | 0.205 | | | | | | 0.232 | | | | | | 0.257 | | | | | | 0.280 | | | | | | 0.301 | | | | | | 0.320 | | | | | | 0.337 | | | | | | 0.352 | | | | | | 0.361 | | |
30 months
|
| | | | 0.196 | | | | | | 0.224 | | | | | | 0.250 | | | | | | 0.274 | | | | | | 0.297 | | | | | | 0.316 | | | | | | 0.335 | | | | | | 0.351 | | | | | | 0.361 | | |
27 months
|
| | | | 0.185 | | | | | | 0.214 | | | | | | 0.242 | | | | | | 0.268 | | | | | | 0.291 | | | | | | 0.313 | | | | | | 0.332 | | | | | | 0.350 | | | | | | 0.361 | | |
24 months
|
| | | | 0.173 | | | | | | 0.204 | | | | | | 0.233 | | | | | | 0.260 | | | | | | 0.285 | | | | | | 0.308 | | | | | | 0.329 | | | | | | 0.348 | | | | | | 0.361 | | |
21 months
|
| | | | 0.161 | | | | | | 0.193 | | | | | | 0.223 | | | | | | 0.252 | | | | | | 0.279 | | | | | | 0.304 | | | | | | 0.326 | | | | | | 0.347 | | | | | | 0.361 | | |
18 months
|
| | | | 0.146 | | | | | | 0.179 | | | | | | 0.211 | | | | | | 0.242 | | | | | | 0.271 | | | | | | 0.298 | | | | | | 0.322 | | | | | | 0.345 | | | | | | 0.361 | | |
15 months
|
| | | | 0.130 | | | | | | 0.164 | | | | | | 0.197 | | | | | | 0.230 | | | | | | 0.262 | | | | | | 0.291 | | | | | | 0.317 | | | | | | 0.342 | | | | | | 0.361 | | |
12 months
|
| | | | 0.111 | | | | | | 0.146 | | | | | | 0.181 | | | | | | 0.216 | | | | | | 0.250 | | | | | | 0.282 | | | | | | 0.312 | | | | | | 0.339 | | | | | | 0.361 | | |
9 months
|
| | | | 0.090 | | | | | | 0.125 | | | | | | 0.162 | | | | | | 0.199 | | | | | | 0.237 | | | | | | 0.272 | | | | | | 0.305 | | | | | | 0.336 | | | | | | 0.361 | | |
6 months.
|
| | | | 0.065 | | | | | | 0.099 | | | | | | 0.137 | | | | | | 0.178 | | | | | | 0.219 | | | | | | 0.259 | | | | | | 0.296 | | | | | | 0.331 | | | | | | 0.361 | | |
3 months
|
| | | | 0.034 | | | | | | 0.065 | | | | | | 0.104 | | | | | | 0.150 | | | | | | 0.197 | | | | | | 0.243 | | | | | | 0.286 | | | | | | 0.326 | | | | | | 0.361 | | |
0 months
|
| | | | — | | | | | | — | | | | | | 0.042 | | | | | | 0.115 | | | | | | 0.179 | | | | | | 0.233 | | | | | | 0.281 | | | | | | 0.323 | | | | | | 0.361 | | |
Unaudited Financial Statements of Aspirational Consumer Lifestyle Corp.
|
| |
Page No.
|
| |||
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | |
Audited Financial Statements of Aspirational Consumer Lifestyle Corp.
|
| |
Page No.
|
| |||
| | | | F-22 | | | |
| | | | F-23 | | | |
| | | | F-24 | | | |
| | | | F-25 | | | |
| | | | F-26 | | | |
| | | | F-27 | | |
Unaudited Interim Condensed Consolidated Financial Statements of Wheels Up Partners Holdings LLC
|
| |
Page No.
|
| |||
| | | | F-45 | | | |
| | | | F-46 | | | |
| | | | F-47 | | | |
| | | | F-48 | | | |
| | | | F-49 | | |
Audited Consolidated Financial Statements of Wheels Up Partners Holdings LLC
|
| |
Page No.
|
| |||
| | | | F-66 | | | |
| | | | F-67 | | | |
| | | | F-68 | | | |
| | | | F-69 | | | |
| | | | F-70 | | | |
| | | | F-71 | | |
Audited Consolidated Financial Statements of Delta Private Jets, Inc.
|
| |
Page No.
|
| |||
| | | | F-108 | | | |
| | | | F-109 | | | |
| | | | F-110 | | | |
| | | | F-111 | | | |
| | | | F-112 | | | |
| | | | F-113 | | |
| | |
March 31
2021 |
| | | |||||||
| | |
(Unaudited)
|
| | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash
|
| | | $ | 62,393 | | | | | $ | 719,926 | | |
Prepaid expenses
|
| | | | 416,047 | | | | | | 608,945 | | |
Total Current Assets
|
| | | | 478,440 | | | | | | 1,328,871 | | |
Cash and marketable securities held in Trust Account
|
| | | | 239,840,428 | | | | | | 239,795,125 | | |
TOTAL ASSETS
|
| | | $ | 240,318,868 | | | | | $ | 241,123,996 | | |
LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY | | | | | | | | | | | | | |
Current liability | | | | | | | | | | | | | |
Accrued expenses
|
| | | $ | 3,866,573 | | | | | $ | 1,112,155 | | |
Accrued offering costs
|
| | | | 372,483 | | | | | | 372,483 | | |
Promissory note – related party
|
| | | | 100,000 | | | | | | — | | |
Total Current Liabilities
|
| | | | 4,339,056 | | | | | | 1,484,638 | | |
Warrant liability
|
| | | | 17,780,521 | | | | | | 13,272,784 | | |
Deferred underwriting fee payable
|
| | | | 8,391,121 | | | | | | 8,391,121 | | |
Total Liabilities
|
| | | | 30,510,698 | | | | | | 23,148,543 | | |
Commitments (Note 6) | | | | | | | | | | | | | |
Class A ordinary shares subject to possible redemption, 23,974,632 and 21,293,210 shares at redemption value as of March 31, 2021 and December 31, 2020, respectively
|
| | | | 239,840,428 | | | | | | 212,975,444 | | |
Shareholders’ (Deficit) Equity | | | | | | | | | | | | | |
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding
|
| | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized;
0 and 2,681,422 shares issued and outstanding (excluding 23,974,632 and 21,293,210 shares subject to possible redemption) at March 31, 2021 and December 31, 2020, respectively |
| | | | — | | | | | | 268 | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 5,993,658 shares issued and outstanding at March 31, 2021 and December 31, 2020
|
| | | | 599 | | | | | | 599 | | |
Additional paid-in capital
|
| | | | — | | | | | | 6,657,917 | | |
Accumulated deficit
|
| | | | (30,032,857) | | | | | | (1,658,775) | | |
Total Shareholders’ (Deficit) Equity
|
| | | | (30,032,258) | | | | | | 5,000,009 | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ (DEFICIT) EQUITY
|
| | | $ | 240,318,868 | | | | | $ | 241,123,996 | | |
| | |
For the Three
Months Ended March 2021 |
| |||
Operating and formation costs
|
| | | $ | 3,704,849 | | |
Loss from operations
|
| | | | (3,704,849) | | |
Other income: | | | | | | | |
Change in fair value of warrant liability
|
| | | | (4,507,737) | | |
Interest earned on marketable securities held in Trust Account
|
| | | | 45,303 | | |
Net loss
|
| | | $ | (8,167,283) | | |
Basic and diluted weighted average shares outstanding, Class A Ordinary shares subject to possible redemption
|
| | | | 23,040,654 | | |
Basic and diluted net income per share, Class A Ordinary shares subject to possible
redemption |
| | | $ | 0.00 | | |
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares
|
| | | | 6,927,636 | | |
Basic and diluted net loss per share, Non-redeemable ordinary shares
|
| | | $ | 1.18 | | |
| | |
Class A Ordinary
Shares |
| |
Class B Ordinary
Shares |
| |
Additional
Paid in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Equity (Deficit) |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – January 1, 2021
|
| | | | 2,681,422 | | | | | $ | 268 | | | | | | 5,993,658 | | | | | $ | 599 | | | | | $ | 6,657,917 | | | | | $ | (1,658,775) | | | | | $ | 5,000,009 | | |
Measurement adjustment on redeemable Ordinary shares
|
| | | | (2,681,422) | | | | | | (268) | | | | | | — | | | | | | — | | | | | | (6,657,917) | | | | | | (20,206,799) | | | | | | (26,864,984) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (8,167,283) | | | | | | (8,167,283) | | |
Balance – March 31, 2021
|
| | | | — | | | | | $ | — | | | | | | 5,993,658 | | | | | $ | 599 | | | | | $ | — | | | | | $ | (30,032,857) | | | | | $ | (30,032,258) | | |
| Cash Flows from Operating Activities: | | | | | | | |
|
Net loss
|
| | | $ | (8,167,283) | | |
| Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | |
|
Change in fair value of warrant liability
|
| | | | 4,507,737 | | |
|
Interest earned on marketable securities held in Trust Account
|
| | | | (45,303) | | |
|
Changes in operating assets and liabilities:
|
| | | | | | |
|
Prepaid expenses
|
| | | | 192,898 | | |
|
Accrued expenses
|
| | | | 2,754,418 | | |
|
Net cash used in operating activities
|
| | | | (757,533) | | |
| Cash Flows from Financing Activities: | | | | | | | |
|
Proceeds from promissory note – related party
|
| | | | 100,000 | | |
|
Net cash provided by financing activities
|
| | | | 100,000 | | |
|
Net Change in Cash
|
| | | | (657,533) | | |
|
Cash – Beginning
|
| | | | 719,926 | | |
| Cash – Ending | | | | $ | 62,393 | | |
| Non-Cash Investing and Financing Activities: | | | | | | | |
|
Change in value of Class A ordinary shares subject to possible redemption
|
| | | $ | 26,864,984 | | |
| | | | ||||
Redeemable Class A Ordinary Shares | | | | | | | |
Numerator: Earnings allocable to Redeemable Class A Ordinary Shares | | | | | | | |
Interest earned on marketable securities held in Trust Account
|
| | | $ | 36,684 | | |
Net income allocable to shares subject to possible redemption
|
| | | $ | 36,684 | | |
Denominator: Weighted Average Redeemable Class A Ordinary Shares | | | | | | | |
Basic and diluted weighted average shares outstanding
|
| | | | 23,040,654 | | |
Basic and diluted net income per share
|
| | | $ | 0.00 | | |
Non-Redeemable Class A and Class B Ordinary Shares | | | | | | | |
Numerator: Net Loss minus Net Earnings | | | | | | | |
Net loss
|
| | | $ | (8,167,283) | | |
Net loss allocable to Redeemable Class A Ordinary Shares
|
| | | | (36,684) | | |
Non-Redeemable Net Loss
|
| | | | (8,203,967) | | |
Denominator: Weighted Average Non-Redeemable Class A and Class B Ordinary Shares | | | | | | | |
Basic and diluted weighted average shares outstanding
|
| | | | 6,927,636 | | |
Basic and diluted net loss per share
|
| | | $ | 1.18 | | |
Description
|
| |
Level
|
| | | | | |||||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Marketable securities held in Trust Account
|
| | | | 1 | | | | | $ | 239,840,428 | | | | | $ | 239,795,125 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Warrant Liability – Public Warrants
|
| | | | 1 | | | | | | 11,347,992 | | | | | | 8,471,037 | | |
Warrant Liability – Private Placement Warrants
|
| | | | 3 | | | | | | 6,432,529 | | | | | | 4,801,747 | | |
Input
|
| | | | | ||||||||
Risk-free interest rate
|
| | | | 1.01% | | | | | | 0.43% | | |
Expected term (years)
|
| | | | 5.42 | | | | | | 5.49 | | |
Expected volatility
|
| | | | 25.0% | | | | | | 20.0% | | |
Exercise price
|
| | | $ | 11.50 | | | | | $ | 11.50 | | |
Fair value of Units
|
| | | $ | 10.01 | | | | | $ | 9.97 | | |
Probability of Acquisition
|
| | | | 95% | | | | | | 85% | | |
| | |
Private Placement
|
| |
Public
|
| |
Warrant Liabilities
|
| |||||||||
Fair value as of January 1, 2021
|
| | | $ | 4,801,747 | | | | | $ | 8,471,037 | | | | | $ | 13,272,784 | | |
Change in valuation inputs or other assumptions
|
| | | | 1,630,782 | | | | | | 2,876,955 | | | | | | 4,507,737 | | |
Fair value as of March 31, 2021
|
| | | $ | 6,432,529 | | | | | $ | 11,347,992 | | | | | $ | 17,780,521 | | |
| ASSETS | | | | | | | |
| Current Assets | | | | | | | |
|
Cash
|
| | | $ | 719,926 | | |
|
Prepaid expenses
|
| | | | 608,945 | | |
|
Total Current Assets
|
| | | | 1,328,871 | | |
|
Cash and marketable securities held in Trust Account
|
| | | | 239,795,125 | | |
|
Total Assets
|
| | | $ | 241,123,996 | | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | |
| Current Liabilities | | | | | | | |
|
Accrued expenses
|
| | | $ | 1,112,155 | | |
|
Accrued offering costs
|
| | | | 372,483 | | |
|
Total Current Liabilities
|
| | | | 1,484,638 | | |
|
Warrant liability
|
| | | | 13,272,784 | | |
|
Deferred underwriting fee payable
|
| | | | 8,391,121 | | |
|
Total Liabilities
|
| | | | 23,148,543 | | |
| Commitments | | | | | | | |
|
Class A ordinary shares subject to possible redemption, 21,293,210 shares at redemption value
|
| | | | 212,975,444 | | |
| Shareholders’ Equity | | | | | | | |
|
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding
|
| | | | — | | |
|
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 2,681,422 shares
issued and outstanding (excluding 21,293,210 shares subject to possible redemption) |
| | | | 268 | | |
|
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 5,993,658 shares issued and outstanding
|
| | | | 599 | | |
|
Additional paid-in capital
|
| | | | 6,657,917 | | |
|
Accumulated deficit
|
| | | | (1,658,775) | | |
|
Total Shareholders’ Equity
|
| | | | 5,000,009 | | |
|
Total Liabilities and Shareholders’ Equity
|
| | | $ | 241,123,996 | | |
|
Formation and operational costs
|
| | | $ | 2,114,129 | | |
|
Loss from operations
|
| | | | (2,114,129) | | |
| Other income: | | | | | | | |
|
Interest earned on marketable securities held in Trust Account
|
| | | | 49,590 | | |
|
Change in fair value of warrant liability
|
| | | | 406,549 | | |
|
Unrealized loss on marketable securities held in Trust Account
|
| | | | (785) | | |
|
Other income, net
|
| | | | 455,354 | | |
|
Net loss
|
| | | $ | (1,658,775) | | |
|
Basic and diluted weighted average shares outstanding, Redeemable Class A
Common Stock |
| | | | 21,396,989 | | |
|
Basic and diluted net loss per share, Redeemable Class A Common Stock
|
| | | $ | 0.00 | | |
|
Basic and diluted weighted average shares outstanding, Non-Redeemable Class A and
Class B Common Stock |
| | | | 7,230,225 | | |
|
Basic and diluted net loss per share, Non-Redeemable Class A and Class B Common Stock
|
| | | $ | (0.24) | | |
| | |
Class A
Ordinary Shares |
| |
Class B
Ordinary Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Equity |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – July 7, 2020 (inception)
|
| | | | — | | | | | $ | — | | | | |
|
—
|
| | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B ordinary shares to Sponsor
|
| | |
|
—
|
| | | |
|
—
|
| | | | | 6,468,750 | | | | | | 647 | | | | | | 24,353 | | | | |
|
—
|
| | | | | 25,000 | | |
Sale of 23,974,632 Units, net of
underwriting discounts and offering costs |
| | | | 23,974,632 | | | | | | 2,397 | | | | | | — | | | | | | — | | | | | | 218,048,528 | | | | | | — | | | | | | 218,050,925 | | |
Excess of purchase price paid over fair value of private placement warrants
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,558,303 | | | | | | | | | | | | 1,558,303 | | |
Forfeiture of Founder Shares
|
| | | | — | | | | | | — | | | | | | (475,092) | | | | | | (48) | | | | | | 48 | | | | | | — | | | | | | — | | |
Class A ordinary shares subject
to possible redemption |
| | | | (21,293,210) | | | | | | (2,129) | | | | | | — | | | | | | — | | | | | | (212,973,315) | | | | | | — | | | | | | (212,975,444) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,658,775) | | | | | | (1,658,775) | | |
Balance – December 31, 2020
|
| | | | 2,681,422 | | | | | $ | 268 | | | | | | 5,993,658 | | | | | $ | 599 | | | | | $ | 6,657,917 | | | | | $ | (1,658,775) | | | | | $ | 5,000,009 | | |
| Cash Flows from Operating Activities: | | | | | | | |
|
Net loss
|
| | | $ | (1,658,775) | | |
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
| | | | | | |
|
Payment of formation costs through issuance of Class B ordinary shares
|
| | | | 15,092 | | |
|
Interest earned on marketable securities held in Trust Account
|
| | | | (49,590) | | |
|
Change in fair value of warrant liability
|
| | | | (406,549) | | |
|
Allocation of initial public offering costs to warrant liability
|
| | | | 510,982 | | |
|
Unrealized loss on marketable securities held in Trust Account
|
| | | | 785 | | |
|
Changes in operating assets and liabilities:
|
| | | | | | |
|
Prepaid expenses
|
| | | | (608,945) | | |
|
Accrued expenses
|
| | | | 1,112,155 | | |
|
Net cash used in operating activities
|
| | | | (1,084,845) | | |
| Cash Flows from Investing Activities: | | | | | | | |
|
Investment of cash in Trust Account
|
| | | | (239,746,320) | | |
|
Net cash used in investing activities
|
| | | | (239,746,320) | | |
| Cash Flows from Financing Activities: | | | | | | | |
|
Proceeds from sale of Units, net of underwriting discounts paid
|
| | | | 234,951,394 | | |
|
Proceeds from sale of Private Placement Warrants
|
| | | | 6,794,926 | | |
|
Proceeds from promissory note – related party
|
| | | | 100,349 | | |
|
Repayment of promissory note – related party
|
| | | | (100,349) | | |
|
Payment of offering costs
|
| | | | (195,229) | | |
|
Net cash provided by financing activities
|
| | | | 241,551,091 | | |
|
Net Change in Cash
|
| | | | 719,926 | | |
|
Cash – Beginning
|
| | | | — | | |
| Cash – Ending | | | | $ | 719,926 | | |
| Non-Cash Investing and Financing Activities: | | | | | | | |
|
Initial classification of Class A ordinary shares subject to possible redemption
|
| | | $ | 215,057,051 | | |
|
Change in value of Class A ordinary shares subject to possible redemption
|
| | | $ | (2,081,607) | | |
|
Initial classification of warrant liability
|
| | | $ | 13,679,333 | | |
|
Deferred underwriting fee payable
|
| | | $ | 8,391,121 | | |
|
Offering costs paid directly by Sponsor from proceeds from issuance of Class B ordinary shares
|
| | | $ | 9,908 | | |
|
Offering costs included in accrued offering costs
|
| | | $ | 372,483 | | |
| | |
As
Previously Reported |
| |
Adjustments
|
| |
As
Restated |
| |||||||||
Balance sheet as of September 25, 2020 (audited) | | | | | | | | | | | | | | | | | | | |
Warrant Liability
|
| | | $ | — | | | | | $ | 13,679,333 | | | | | $ | 13,679,333 | | |
Ordinary Shares Subject to Possible Redemption
|
| | | | 213,557,280 | | | | | | (13,679,333) | | | | | | 199,877,947 | | |
Class A Ordinary Shares
|
| | | | 114 | | | | | | 137 | | | | | | 251 | | |
Additional Paid-in Capital
|
| | | | 5,014,340 | | | | | | 510,845 | | | | | | 5,525,185 | | |
Accumulated Deficit
|
| | | | (15,092) | | | | | | (510,982) | | | | | | (526,074) | | |
Balance sheet as of September 30, 2020 (unaudited) | | | | | | | | | | | | | | | | | | | |
Warrant Liability
|
| | | $ | — | | | | | $ | 13,277,000 | | | | | $ | 13,277,000 | | |
Ordinary Shares Subject to Possible Redemption
|
| | | | 213,530,925 | | | | | | (13,277,000) | | | | | | 200,253,925 | | |
Class A Ordinary Shares
|
| | | | 114 | | | | | | 133 | | | | | | 247 | | |
Additional Paid-in Capital
|
| | | | 5,040,694 | | | | | | 108,515 | | | | | | 5,149,209 | | |
Accumulated Deficit
|
| | | | (41,447) | | | | | | (108,648) | | | | | | (150,095) | | |
Balance sheet as of December 31, 2020 (audited) | | | | | | | | | | | | | | | | | | | |
Warrant Liability
|
| | | $ | — | | | | | $ | 13,272,784 | | | | | $ | 13,272,784 | | |
Ordinary Shares Subject to Possible Redemption
|
| | | | 226,248,228 | | | | | | (13,272,784) | | | | | | (212,975,444) | | |
Class A Ordinary Shares
|
| | | | 135 | | | | | | 133 | | | | | | 268 | | |
Additional Paid-in Capital
|
| | | | 6,553,617 | | | | | | 104,299 | | | | | | 6,657,916 | | |
Accumulated Deficit
|
| | | | (1,554,342) | | | | | | (104,432) | | | | | | (1,658,774) | | |
Period from July 7, 2020 (inception) to September 30, 2020 (unaudited)
|
| | | | | | | | | | | | | | | | | | |
Change in fair value of warrant liability
|
| | | $ | — | | | | | $ | 402,333 | | | | | $ | 402,333 | | |
Formation and Operational cost
|
| | | | 15,092 | | | | | | 510,982 | | | | | | 526,074 | | |
Net loss
|
| | | | (41,447) | | | | | | (108,648) | | | | | | (150,095) | | |
Weighted average shares outstanding of Class A redeemable ordinary shares
|
| | | | | | | | | | 19,987,795 | | | | | | 19,987,795 | | |
Weighted average shares outstanding of Class B non-redeemable ordinary shares
|
| | | | 5,698,351 | | | | | | 87,688 | | | | | | 5,786,039 | | |
Basic and diluted net loss per share, Class B
|
| | | | (0.01) | | | | | | (0.02) | | | | | | (0.03) | | |
Period from July 7, 2020 (inception) to December 31, 2020 (audited)
|
| | | | | | | | | | | | | | | | | | |
Change in fair value of warrant liability
|
| | | $ | — | | | | | $ | 406,549 | | | | | $ | 406,549 | | |
Formation and Operational cost
|
| | | | 1,603,147 | | | | | | 510,982 | | | | | | 2,114,129 | | |
Net loss
|
| | | | (1,554,342) | | | | | | (104,432) | | | | | | (1,658,774) | | |
Weighted average shares outstanding of Class A redeemable ordinary shares
|
| | | | 22,676,053 | | | | | | (1,279,064) | | | | | | 21,396,989 | | |
| | |
As
Previously Reported |
| |
Adjustments
|
| |
As
Restated |
| |||||||||
Weighted average shares outstanding of Class B non-redeemable ordinary shares
|
| | | | 6,500,406 | | | | | | 729,819 | | | | | | 7,230,225 | | |
Basic and diluted net loss per share, Class B
|
| | | | (0.25) | | | | | | (0.01) | | | | | | (0.26) | | |
Cash Flow Statement for the Period from July 7, 2020 (inception) to September 30, 2020 (unaudited)
|
| | | | | | | | | | | | | | | | | | |
Net loss
|
| | | | (41,447) | | | | | | (108,648) | | | | | | (150,095) | | |
Allocation of initial public offering costs to warrant
liability |
| | | | — | | | | | | 510,982 | | | | | | 510,982 | | |
Change in fair value of warrant liability
|
| | | | — | | | | | | 402,333 | | | | | | 402,333 | | |
Initial classification of warrant liability
|
| | | | — | | | | | | 13,679,333 | | | | | | 13,679,333 | | |
Initial classification of common stock subject to possible redemption
|
| | | | 213,557,280 | | | | | | (13,679,333) | | | | | | 199,877,947 | | |
Change in value of common stock subject to possible redemption
|
| | | | (26,355) | | | | | | 402,333 | | | | | | 375,978 | | |
Cash Flow Statement for the Period from July 7, 2020 (inception) to December 31, 2020 (audited)
|
| | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (1,554,342) | | | | | $ | (104,432) | | | | | $ | (1,658,774) | | |
Change in fair value of warrant liability
|
| | | | — | | | | | | 406,549 | | | | | | 406,549 | | |
Initial classification of warrant liability
|
| | | | — | | | | | | 13,679,333 | | | | | | 13,679,333 | | |
Initial classification of common stock subject to possible redemption
|
| | | | 227,787,480 | | | | | | (13,679,333) | | | | | | 214,108,147 | | |
Change in value of common stock subject to possible redemption
|
| | | | (1,539,252) | | | | | | 406,549 | | | | | | (1,132,703) | | |
| | | | ||||
Redeemable Class A Common Stock | | | | | | | |
Numerator: Earnings allocable to Redeemable Class A Common Stock | | | | | | | |
Interest earned on marketable securities held in Trust Account
|
| | | $ | 43,349 | | |
Net income allocable to shares subject to possible redemption
|
| | | $ | 43,349 | | |
Denominator: Weighted Average Redeemable Class A Common Stock | | | | | | | |
Basic and diluted weighted average shares outstanding
|
| | | | 21,396,989 | | |
Basic and diluted net income per share
|
| | | $ | 0.00 | | |
Non-Redeemable Class A and Class B Common Stock | | | | | | | |
Numerator: Net Loss minus Net Earnings | | | | | | | |
Net loss
|
| | | $ | (1,658,775) | | |
Net loss allocable to Redeemable Class A Common Stock
|
| | | | (43,349) | | |
Non-Redeemable Net Loss
|
| | | $ | (1,702,124) | | |
Denominator: Weighted Average Non-Redeemable Class A and Class B Common Stock | | | | | | | |
Basic and diluted weighted average shares outstanding
|
| | | | 7,230,225 | | |
Basic and diluted net loss per share
|
| | | $ | (0.24) | | |
Description
|
| |
Level
|
| | | |||||||
Assets: | | | | | | | | | | | | | |
Marketable securities held in Trust Account
|
| | | | 1 | | | | | $ | 239,795,125 | | |
Liabilities: | | | | | | | | | | | | | |
Warrant Liability – Public Warrants
|
| | | | 1 | | | | | $ | 8,471,037 | | |
Warrant Liability – Private Placement Warrants
|
| | | | 3 | | | | | $ | 4,801,747 | | |
Input
|
| | | | | | | ||||||||||||
Risk-free interest rate
|
| | | | 0.4% | | | | | | 0.4% | | | | | | 0.4% | | |
Expected term (years)
|
| | | | 1 | | | | | | 1 | | | | | | 1 | | |
Expected volatility
|
| | | | 20.0% | | | | | | 20.0% | | | | | | 20.0% | | |
Exercise price
|
| | | $ | 11.50 | | | | | $ | 11.50 | | | | | $ | 11.50 | | |
Fair value of Units
|
| | | $ | 10.60 | | | | | $ | 10.60 | | | | | $ | 10.60 | | |
| | |
Private Placement
|
| |
Public
|
| |
Warrant Liabilities
|
| |||||||||
Fair value as of July 7, 2020
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Initial measurement on September 25, 2020
|
| | | | 5,009,333 | | | | | | 8,670,000 | | | | | | 13,679,333 | | |
Change in valuation inputs or other assumptions
|
| | | | (207,586) | | | | | | (198,963) | | | | | | (406,549) | | |
Fair value as of December 31, 2020
|
| | | $ | 4,801,747 | | | | | $ | 8,471,037 | | | | | $ | 13,272,784 | | |
(in thousands, except share data)
|
| | | | | ||||||||
ASSETS | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 215,027 | | | | | $ | 312,799 | | |
Accounts receivable, net
|
| | | | 55,111 | | | | | | 50,397 | | |
Other receivables
|
| | | | 14,283 | | | | | | 8,205 | | |
Parts and supplies inventories, net
|
| | | | 7,239 | | | | | | 5,320 | | |
Deferred offering costs
|
| | | | 4,147 | | | | | | — | | |
Prepaid expenses and other
|
| | | | 24,616 | | | | | | 18,801 | | |
Total current assets
|
| | | | 320,423 | | | | | | 395,522 | | |
Property and equipment, net
|
| | | | 319,715 | | | | | | 323,090 | | |
Operating lease right-of-use assets
|
| | | | 100,300 | | | | | | 64,479 | | |
Goodwill
|
| | | | 432,065 | | | | | | 400,160 | | |
Intangible assets, net
|
| | | | 161,060 | | | | | | 163,710 | | |
Restricted cash
|
| | | | 15,262 | | | | | | 12,077 | | |
Employee loans receivable, net
|
| | | | — | | | | | | 102 | | |
Other non-current assets
|
| | | | 827 | | | | | | 849 | | |
Total assets
|
| | | $ | 1,349,652 | | | | | $ | 1,359,989 | | |
LIABILITIES AND MEMBERS’ EQUITY | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Current maturities of long-term debt
|
| | | $ | 65,336 | | | | | $ | 62,678 | | |
Accounts payable
|
| | | | 44,168 | | | | | | 20,920 | | |
Accrued expenses
|
| | | | 76,296 | | | | | | 71,381 | | |
Deferred revenue, current
|
| | | | 588,978 | | | | | | 651,096 | | |
Operating lease liabilities, current
|
| | | | 27,856 | | | | | | 15,858 | | |
Intangible liabilities, current
|
| | | | 2,000 | | | | | | 2,000 | | |
Other current liabilities
|
| | | | 15,955 | | | | | | 15,980 | | |
Total current liabilities
|
| | | | 820,589 | | | | | | 839,913 | | |
Long-term debt
|
| | | | 136,804 | | | | | | 148,411 | | |
Deferred revenue, non-current
|
| | | | 1,961 | | | | | | 1,982 | | |
Operating lease liabilities, non-current
|
| | | | 77,993 | | | | | | 56,358 | | |
Intangible liabilities, non-current
|
| | | | 15,583 | | | | | | 16,083 | | |
Other non-current liabilities
|
| | | | 3,522 | | | | | | 3,415 | | |
Total liabilities
|
| | | | 1,056,452 | | | | | | 1,066,162 | | |
Commitments and contingencies (Note 10) | | | | | | | | | | | | | |
Members’ equity: | | | | | | | | | | | | | |
Class A preferred interests (73,723,250 interests issued and outstanding as of 2021 and 2020)
|
| | | | — | | | | | | — | | |
Class B preferred interests (34,023,527 interests issued and outstanding as of 2021 and 2020)
|
| | | | — | | | | | | — | | |
Class C preferred interests (37,642,050 interests issued and outstanding as of 2021 and 2020)
|
| | | | — | | | | | | — | | |
Class D preferred interests (36,909,359 interests issued and outstanding as of 2021 and 2020)
|
| | | | — | | | | | | — | | |
Class E preferred interests (112,949,305 interests issued and outstanding as of 2021 and 2020)
|
| | | | 369,354 | | | | | | 401,567 | | |
Common interests (71,882,729 and 63,262,039 interests issued and outstanding as of 2021 and 2020)
|
| | | | 39,131 | | | | | | 8,959 | | |
Common restricted interests
|
| | | | — | | | | | | — | | |
Common profits interests
|
| | | | 9,211 | | | | | | 8,957 | | |
Common stock options
|
| | | | 5,635 | | | | | | 4,475 | | |
Accumulated deficit
|
| | | | (130,131) | | | | | | (130,131) | | |
Total members’ equity
|
| | | | 293,200 | | | | | | 293,827 | | |
Total liabilities and members’ equity
|
| | | $ | 1,349,652 | | | | | $ | 1,359,989 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| ||||||
Revenue
|
| | | $ | 261,657 | | | | | $ | 156,096 | | |
Costs and expenses: | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 234,508 | | | | | | 147,958 | | |
Technology and development
|
| | | | 7,024 | | | | | | 4,852 | | |
Sales and marketing
|
| | | | 15,794 | | | | | | 13,651 | | |
General and administrative
|
| | | | 18,168 | | | | | | 13,921 | | |
Depreciation and amortization
|
| | | | 13,831 | | | | | | 14,194 | | |
Total costs and expenses
|
| | | | 289,325 | | | | | | 194,576 | | |
Loss from operations
|
| | | | (27,668) | | | | | | (38,480) | | |
Other (expense) income: | | | | | | | | | | | | | |
Interest income
|
| | | | 12 | | | | | | 417 | | |
Interest expense
|
| | | | (4,557) | | | | | | (6,411) | | |
Total other expense
|
| | | | (4,545) | | | | | | (5,994) | | |
Net loss
|
| | | $ | (32,213) | | | | | $ | (44,474) | | |
(in thousands)
|
| |
Class A
preferred interests |
| |
Class B
preferred interests |
| |
Class C
preferred interests |
| |
Class D
preferred interests |
| |
Class E
preferred interests |
| |
Common
interests |
| |
Common
restricted interests |
| |
Common
profits interests |
| |
Common
stock options |
| |
Accumulated
deficit |
| |
Total
|
| |||||||||||||||||||||||||||||||||
Balance as of December 31, 2020
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 401,567 | | | | | $ | 8,959 | | | | | $ | — | | | | | $ | 8,957 | | | | | $ | 4,475 | | | | | $ | (130,131) | | | | | $ | 293,827 | | |
Consideration issued for business combination
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 30,172 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 30,172 | | |
Equity-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 254 | | | | | | 1,160 | | | | | | — | | | | | | 1,414 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (32,213) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (32,213) | | |
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 369,354 | | | | | $ | 39,131 | | | | | $ | — | | | | | $ | 9,211 | | | | | $ | 5,635 | | | | | $ | (130,131) | | | | | $ | 293,200 | | |
(in thousands)
|
| |
Class A
preferred interests |
| |
Class B
preferred interests |
| |
Class C
preferred interests |
| |
Class D
preferred interests |
| |
Class E
preferred interests |
| |
Common
interests |
| |
Common
restricted interests |
| |
Common
profits interests |
| |
Common
stock options |
| |
Accumulated
deficit |
| |
Total
|
| |||||||||||||||||||||||||||||||||
Balance as of December 31, 2019
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 59,965 | | | | | $ | — | | | | | $ | 3,822 | | | | | $ | — | | | | | $ | 7,841 | | | | | $ | 2,249 | | | | | $ | (130,131) | | | | | $ | (56,254) | | |
Consideration issued for business combinations
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 427,007 | | | | | | 5,137 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 432,144 | | |
Equity-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 149 | | | | | | 435 | | | | | | — | | | | | | 584 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (44,474) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (44,474) | | |
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 15,491 | | | | | $ | 427,007 | | | | | $ | 8,959 | | | | | $ | — | | | | | $ | 7,990 | | | | | $ | 2,684 | | | | | $ | (130,131) | | | | | $ | 332,000 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| ||||||
OPERATING ACTIVITIES: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (32,213) | | | | | $ | (44,474) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 13,831 | | | | | | 14,194 | | |
Amortization of deferred financing costs and debt discount
|
| | | | 334 | | | | | | 448 | | |
Equity-based compensation
|
| | | | 1,414 | | | | | | 584 | | |
Provision for expected credit losses
|
| | | | 275 | | | | | | (93) | | |
Changes in operating assets and liabilities, net of effects from acquisitions:
|
| | | | | | | | | | | | |
Accounts receivable
|
| | | | 5,364 | | | | | | 19,945 | | |
Other receivables
|
| | | | (6,078) | | | | | | 7,208 | | |
Parts and supplies inventories
|
| | | | (1,247) | | | | | | 947 | | |
Prepaid expenses and other
|
| | | | (2,183) | | | | | | (357) | | |
Other non-current assets
|
| | | | 22 | | | | | | 654 | | |
Operating lease liabilities, net
|
| | | | (302) | | | | | | (433) | | |
Accounts payable
|
| | | | 13,679 | | | | | | (17,231) | | |
Accrued expenses
|
| | | | (11,980) | | | | | | (19,792) | | |
Other current liabilities
|
| | | | (24) | | | | | | (600) | | |
Other non-current liabilities
|
| | | | 107 | | | | | | 30 | | |
Deferred revenue
|
| | | | (65,719) | | | | | | (8,517) | | |
Net cash used in operating activities
|
| | | | (84,720) | | | | | | (47,487) | | |
INVESTING ACTIVITIES: | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (2,273) | | | | | | (2,407) | | |
Acquisition of businesses, net of cash acquired
|
| | | | 7,844 | | | | | | 98,142 | | |
Capitalized software development costs
|
| | | | (2,652) | | | | | | (1,505) | | |
Net cash provided by investing activities
|
| | | | 2,919 | | | | | | 94,230 | | |
FINANCING ACTIVITIES: | | | | | | | | | | | | | |
Proceeds from long-term debt
|
| | | | — | | | | | | 755 | | |
Repayments of long-term debt
|
| | | | (12,445) | | | | | | (10,002) | | |
Payments of deferred offering costs
|
| | | | (443) | | | | | | — | | |
Repayment (issuance) of loans to employees
|
| | | | 102 | | | | | | (22) | | |
Net cash used in financing activities
|
| | | | (12,786) | | | | | | (9,269) | | |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
| | | | (94,587) | | | | | | 37,474 | | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF PERIOD
|
| | | | 324,876 | | | | | | 96,440 | | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH END OF PERIOD
|
| | | $ | 230,289 | | | | | $ | 133,914 | | |
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 | | | | | | — | | |
| | | | | | ||||||||
Aircraft
|
| | | $ | 474,484 | | | | | $ | 473,509 | | |
Software development costs
|
| | | | 25,106 | | | | | | 22,414 | | |
Leasehold improvements
|
| | | | 10,393 | | | | | | 9,560 | | |
Computer equipment
|
| | | | 1,870 | | | | | | 1,846 | | |
Buildings and improvements
|
| | | | 1,424 | | | | | | 1,424 | | |
Furniture and fixtures
|
| | | | 1,767 | | | | | | 1,321 | | |
Tooling
|
| | | | 1,691 | | | | | | 1,296 | | |
Vehicles
|
| | | | 800 | | | | | | 597 | | |
| | | | | 517,535 | | | | | | 511,967 | | |
Less: Accumulated depreciation and amortization
|
| | | | (197,820) | | | | | | (188,877) | | |
Total
|
| | | $ | 319,715 | | | | | $ | 323,090 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | | | |
2020
|
| |||||||
Services transferred at a point in time: | | | | | | | | | | | | | |
Flights, net of discounts and fees
|
| | | $ | 190,474 | | | | | $ | 119,636 | | |
Aircraft management
|
| | | | 48,423 | | | | | | 19,784 | | |
Other
|
| | | | 4,289 | | | | | | 1,654 | | |
Services transferred over time: | | | | | | | | | | | | | |
Memberships
|
| | | $ | 14,974 | | | | | $ | 13,319 | | |
Aircraft management
|
| | | | 2,457 | | | | | | 1,004 | | |
Other
|
| | | | 1,040 | | | | | | 699 | | |
Total
|
| | | $ | 261,657 | | | | | $ | 156,096 | | |
| | | | | | ||||||||
Flights – Prepaid Blocks and jet cards
|
| | | $ | 548,110 | | | | | $ | 609,490 | | |
Memberships – annual dues
|
| | | | 31,233 | | | | | | 32,016 | | |
Memberships – initiation fees
|
| | | | 3,962 | | | | | | 3,870 | | |
Flights – credits
|
| | | | 7,066 | | | | | | 7,291 | | |
Other
|
| | | | 568 | | | | | | 411 | | |
Deferred revenue, total
|
| | | | 590,939 | | | | | | 653,078 | | |
Less: Deferred revenue, current
|
| | | | (588,978) | | | | | | (651,096) | | |
Deferred revenue, non-current
|
| | | $ | 1,961 | | | | | $ | 1,982 | | |
| | | | ||||
Deferred revenue – beginning balance
|
| | | $ | 653,078 | | |
Amounts deferred during the period
|
| | | | 145,544 | | |
Revenue recognized from amounts included in the deferred revenue beginning balance
|
| | | | (141,220) | | |
Revenue from current period sales
|
| | | | (66,463) | | |
Deferred revenue – ending balance
|
| | | $ | 590,939 | | |
|
Current assets
|
| | | $ | 32,502 | | |
|
Property and equipment
|
| | | | 741 | | |
|
Intangible assets
|
| | | | 2,640 | | |
|
Goodwill
|
| | | | 31,905 | | |
|
Other assets
|
| | | | 40,093 | | |
|
Total assets acquired
|
| | | | 107,881 | | |
|
Total liabilities assumed
|
| | | | (67,709) | | |
|
Net assets acquired
|
| | | $ | 40,172 | | |
| | |
Amount
(In thousands) |
| |
Weighted-
Average Amortization Period (Years) |
| ||||||
Customer relationships
|
| | | $ | 2,200 | | | | | | 12.0 | | |
Trade name
|
| | | | 330 | | | | | | 1.0 | | |
Non-competition agreement
|
| | | | 110 | | | | | | 1.0 | | |
Total acquired intangible assets
|
| | | $ | 2,640 | | | | | | 10.2 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | | | |
2020
|
| |||||||
| | |
(in thousands)
|
| |||||||||
Net revenue
|
| | | $ | 263,772 | | | | | $ | 227,660 | | |
Loss from operations
|
| | | | (31,128) | | | | | | (37,556) | | |
|
Balance as of December 31, 2020
|
| | | $ | 400,160 | | |
|
Acquisition of Mountain Aviation
|
| | | | 31,905 | | |
|
Balance as of March 31, 2021
|
| | | $ | 432,065 | | |
| | | | ||||||||||||||||
| | |
Gross Carrying
Value |
| |
Accumulated
Amortization |
| |
Net Carrying
Value |
| |||||||||
Status
|
| | | $ | 80,000 | | | | | $ | 9,644 | | | | | $ | 70,356 | | |
Customer relationships
|
| | | | 72,200 | | | | | | 8,417 | | | | | | 63,783 | | |
Non-competition agreement
|
| | | | 210 | | | | | | 126 | | | | | | 84 | | |
Trade name
|
| | | | 14,230 | | | | | | 3,233 | | | | | | 10,997 | | |
Developed technology
|
| | | | 19,545 | | | | | | 4,264 | | | | | | 15,281 | | |
Leasehold interest – favorable
|
| | | | 600 | | | | | | 41 | | | | | | 559 | | |
Total
|
| | | $ | 186,785 | | | | | $ | 25,725 | | | | | $ | 161,060 | | |
| | | | ||||||||||||||||
| | |
Gross Carrying
Value |
| |
Accumulated
Amortization |
| |
Net Carrying
Value |
| |||||||||
Status
|
| | | $ | 80,000 | | | | | $ | 7,645 | | | | | $ | 72,355 | | |
Customer relationships
|
| | | | 70,000 | | | | | | 6,609 | | | | | | 63,391 | | |
Non-competition agreement
|
| | | | 100 | | | | | | 100 | | | | | | — | | |
Trade name
|
| | | | 13,900 | | | | | | 2,487 | | | | | | 11,413 | | |
Developed technology
|
| | | | 19,545 | | | | | | 3,559 | | | | | | 15,986 | | |
Leasehold interest – favorable
|
| | | | 600 | | | | | | 35 | | | | | | 565 | | |
Total
|
| | | $ | 184,145 | | | | | $ | 20,435 | | | | | $ | 163,710 | | |
| | | | ||||||||||||||||
| | |
Gross Carrying
Value |
| |
Accumulated
Amortization |
| |
Net Carrying
Value |
| |||||||||
Intangible liabilities
|
| | | $ | 20,000 | | | | | $ | 2,417 | | | | | $ | 17,583 | | |
| | | | ||||||||||||||||
| | |
Gross Carrying
Value |
| |
Accumulated
Amortization |
| |
Net Carrying
Value |
| |||||||||
Intangible liabilities
|
| | | $ | 20,000 | | | | | $ | 1,917 | | | | | $ | 18,083 | | |
Year ending December 31,
|
| |
Intangible
Assets |
| |
Intangible
Liabilities |
| ||||||
2021
|
| | | $ | 15,902 | | | | | $ | 1,500 | | |
2022
|
| | | | 19,522 | | | | | | 2,000 | | |
2023
|
| | | | 19,262 | | | | | | 2,000 | | |
2024
|
| | | | 19,098 | | | | | | 2,000 | | |
2025
|
| | | | 18,982 | | | | | | 2,000 | | |
Thereafter
|
| | | | 68,294 | | | | | | 8,083 | | |
| | | | $ | 161,060 | | | | | $ | 17,583 | | |
| | | | | | ||||||||
Cash and cash equivalents
|
| | | $ | 215,027 | | | | | $ | 312,799 | | |
Restricted cash
|
| | | | 15,262 | | | | | | 12,077 | | |
Total
|
| | | $ | 230,289 | | | | | $ | 324,876 | | |
| | | | ||||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Fair Value
|
| ||||||||||||
Cash Equivalents: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 143,483 | | | | | $ | — | | | | | $ | — | | | | | $ | 143,483 | | |
| | | | ||||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Fair Value
|
| ||||||||||||
Cash Equivalents: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 103,472 | | | | | $ | — | | | | | $ | — | | | | | $ | 103,472 | | |
| | |
Maturity Dates
|
| | | | | | | ||||||||||||
Amended 1st Credit Facility: | | | | | | | | | | | | | | | | | | | | | | |
A-1
|
| |
2020 to 2021
|
| | | | 10.91% | | | | | $ | 10,772 | | | | | $ | 11,811 | | |
A-2
|
| |
2020 to 2021
|
| | | | 10.91% | | | | | | 7,182 | | | | | | 7,874 | | |
A-3
|
| |
2021 to 2022
|
| | | | 10.91% | | | | | | 26,316 | | | | | | 28,104 | | |
B
|
| |
2023 to 2024
|
| | | | 12.00% | | | | | | 7,521 | | | | | | 8,119 | | |
2nd Credit Facility: | | | | | | | | | | | | | | | | | | | | | | |
A
|
| |
2023 to 2024
|
| | | | 8.00% | | | | | | 53,400 | | | | | | 55,450 | | |
B
|
| |
2023 to 2024
|
| | | | 11.43% | | | | | | 23,820 | | | | | | 24,510 | | |
3rd Credit Facility: | | | | | | | | | | | | | | | | | | | | | | |
A
|
| |
2024 to 2025
|
| | | | 9.50% | | | | | | 51,404 | | | | | | 53,334 | | |
Promissory Notes
|
| |
2024
|
| | | | 5.25% | | | | | | 21,220 | | | | | | 24,879 | | |
CARES Act Paycheck Protection Program Loan
|
| |
2022
|
| | | | 1.00% | | | | | | 3,162 | | | | | | — | | |
| | | | | | | | | | | | | | 204,797 | | | | | | 214,081 | | |
Less: Unamortized debt discount
|
| | | | | | | | | | | | | (543) | | | | | | (615) | | |
Less: Unamortized deferred financing costs
|
| | | | | | | | | | | | | (2,114) | | | | | | (2,377) | | |
| | | | | | | | | | | | | | 202,140 | | | | | | 211,089 | | |
Less: Current maturities of long-term debt
|
| | | | | | | | | | | | | (65,336) | | | | | | (62,678) | | |
Total
|
| | | | | | | | | | | | $ | 136,804 | | | | | $ | 148,411 | | |
| | | | | | | | |
Amortization of
|
| |||||||||
Year ending December 31,
|
| |
Principal
Payments |
| |
Debt
Discounts |
| |
Deferred
Financing Costs |
| |||||||||
2021
|
| | | $ | 50,232 | | | | | $ | 189 | | | | | $ | 651 | | |
2022
|
| | | | 49,879 | | | | | | 185 | | | | | | 703 | | |
2023
|
| | | | 68,818 | | | | | | 112 | | | | | | 430 | | |
2024
|
| | | | 23,190 | | | | | | 48 | | | | | | 170 | | |
2025
|
| | | | 12,678 | | | | | | 9 | | | | | | 160 | | |
Thereafter
|
| | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 204,797 | | | | | $ | 543 | | | | | $ | 2,114 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | | | |
2020
|
| |||||||
Operating lease costs
|
| | | $ | 7,554 | | | | | $ | 4,061 | | |
Short-term lease costs
|
| | | | 7,048 | | | | | | 3,675 | | |
Total lease costs
|
| | | $ | 14,602 | | | | | $ | 7,736 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | | | |
2020
|
| |||||||
Cash paid for amounts included in the measurement of operating lease liabilities:
|
| | | | | | | | | | | | |
Operating cash flows paid for operating leases
|
| | | $ | 7,867 | | | | | $ | 4,495 | | |
Right-of-use assets obtained in exchange for operating lease obligations
|
| | | $ | 40,093 | | | | | $ | 49,677 | | |
| | | | | | ||||||||
Weighted-average remaining lease term (in years): | | | | | | | | | | | | | |
Operating leases
|
| | | | 7.2 | | | | | | 7.5 | | |
Weighted-average discount rate: | | | | | | | | | | | | | |
Operating leases
|
| | | | 9.5% | | | | | | 9.5% | | |
Year ending December 31,
|
| |
Operating
Leases |
| |||
2021
|
| | | $ | 25,620 | | |
2022
|
| | | | 29,784 | | |
2023
|
| | | | 24,347 | | |
2024
|
| | | | 13,828 | | |
2025
|
| | | | 9,938 | | |
Thereafter
|
| | | | 38,927 | | |
Total lease payments
|
| | | | 142,444 | | |
Less: Imputed interest
|
| | | | (36,595) | | |
Total lease obligations
|
| | | $ | 105,849 | | |
|
Class A
|
| | | | 73,723,250 | | |
|
Class B
|
| | | | 34,023,527 | | |
|
Class C
|
| | | | 37,642,050 | | |
|
Class D
|
| | | | 36,909,359 | | |
|
Class E
|
| | | | 112,949,305 | | |
| | |
Number of
Profits Interests |
| |
Weighted-
Average Grant Date Fair Value |
| ||||||
| | |
(in thousands)
|
| | | | | | | |||
Outstanding profits interests as of January 1, 2021
|
| | | | 63,022 | | | | | $ | 0.19 | | |
Granted
|
| | | | — | | | | | | — | | |
Expired/forfeited
|
| | | | — | | | | | | — | | |
Outstanding profits interests as of March 31, 2021
|
| | | | 63,022 | | | | | $ | 0.19 | | |
| | |
Number of
Profits Interests |
| |
Weighted-
Average Grant Date Fair Value |
| ||||||
| | |
(in thousands)
|
| | | | | | | |||
Non-vested profits interests as of January 1, 2021
|
| | | | 27,394 | | | | | $ | 0.13 | | |
Granted
|
| | | | — | | | | | | — | | |
Vested
|
| | | | (190) | | | | | | 0.05 | | |
Forfeited
|
| | | | — | | | | | | — | | |
Non-vested profits interests as of March 31, 2021
|
| | | | 27,204 | | | | | $ | 0.13 | | |
| | |
Number of
Restricted Interests |
| |
Weighted-
Average Grant Date Fair Value |
| ||||||
| | |
(in thousands)
|
| | | | | | | |||
Outstanding restricted interests as of January 1, 2021
|
| | | | 10,127 | | | | | $ | 1.83 | | |
Granted
|
| | | | — | | | | | | — | | |
Expired/forfeited
|
| | | | — | | | | | | — | | |
Outstanding restricted interests as of March 31, 2021
|
| | | | 10,127 | | | | | $ | 1.83 | | |
| | |
Number of
Restricted Interests |
| |
Weighted-
Average Grant Date Fair Value |
| ||||||
| | |
(in thousands)
|
| | | | | | | |||
Non-vested restricted interests as of January 1, 2021
|
| | | | 10,127 | | | | | $ | 1.83 | | |
Granted
|
| | | | — | | | | | | — | | |
Vested
|
| | | | — | | | | | | — | | |
Forfeited
|
| | | | — | | | | | | — | | |
Non-vested restricted interests as of March 31, 2021
|
| | | | 10,127 | | | | | $ | 1.83 | | |
| | |
Number of
Stock Options |
| |
Weighted-
Average Exercise Price |
| |
Weighted-
Average Grant Date Fair Value |
| |||||||||
| | |
(in thousands)
|
| | | | | | | | | | | | | |||
Outstanding stock options as of January 1, 2021
|
| | | | 35,324 | | | | | $ | 3.46 | | | | | $ | 0.54 | | |
Granted
|
| | | | — | | | | | | — | | | | | | — | | |
Exercised
|
| | | | — | | | | | | — | | | | | | — | | |
Expired/forfeited
|
| | | | — | | | | | | — | | | | | | — | | |
Outstanding stock options as of March 31, 2021
|
| | | | 35,324 | | | | | $ | 3.46 | | | | | $ | 0.54 | | |
Exercisable stock options as of March 31, 2021
|
| | | | 15,363 | | | | | $ | 3.31 | | | | | $ | 0.36 | | |
| | |
Number of
Stock Options |
| |
Weighted-
Average Grant Date Fair Value |
| ||||||
| | |
(in thousands)
|
| | | | | | | |||
Non-vested stock options as of January 1, 2021
|
| | | | 23,840 | | | | | $ | 0.64 | | |
Granted
|
| | | | — | | | | | | — | | |
Vested
|
| | | | (5,990) | | | | | | 0.41 | | |
Forfeited
|
| | | | — | | | | | | — | | |
Non-vested stock options as of March 31, 2021
|
| | | | 17,850 | | | | | $ | 0.72 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | | | |
2020
|
| |||||||
Cost of revenue
|
| | | $ | 51 | | | | | $ | 59 | | |
Technology and development
|
| | | | 94 | | | | | | 107 | | |
Sales and marketing
|
| | | | 236 | | | | | | 276 | | |
General and administrative
|
| | | | 1,033 | | | | | | 142 | | |
Total equity-based compensation expense
|
| | | $ | 1,414 | | | | | $ | 584 | | |
| | |
2021
|
| |
2020
|
| ||||||
Revenue derived from equity investors
|
| | | $ | 4,849 | | | | | $ | 5,242 | | |
Deferred revenue from equity investors
|
| | | $ | 12,202 | | | | | $ | 14,132 | | |
Accounts receivable due from equity investors
|
| | | $ | 3,144 | | | | | $ | 3,881 | | |
| | |
December 31,
|
| |||||||||
(in thousands, except share data)
|
| |
2020
|
| |
2019
|
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 312,799 | | | | | $ | 84,046 | | |
Restricted cash, current
|
| | | | — | | | | | | 299 | | |
Accounts receivable, net
|
| | | | 50,397 | | | | | | 20,006 | | |
Other receivables
|
| | | | 8,205 | | | | | | 11,770 | | |
Parts and supplies inventories, net
|
| | | | 5,320 | | | | | | 918 | | |
Prepaid expenses and other
|
| | | | 18,801 | | | | | | 11,389 | | |
Total current assets
|
| | | | 395,522 | | | | | | 128,428 | | |
Property and equipment, net
|
| | | | 323,090 | | | | | | 344,981 | | |
Operating lease right-of-use assets
|
| | | | 64,479 | | | | | | 11,181 | | |
Goodwill
|
| | | | 400,160 | | | | | | 3,732 | | |
Intangible assets, net
|
| | | | 163,710 | | | | | | 20,135 | | |
Restricted cash, non-current
|
| | | | 12,077 | | | | | | 12,095 | | |
Employee loans receivable, net
|
| | | | 102 | | | | | | 5,357 | | |
Other non-current assets
|
| | | | 849 | | | | | | 1,726 | | |
Total assets
|
| | | $ | 1,359,989 | | | | | $ | 527,635 | | |
LIABILITIES AND MEMBERS’ EQUITY (DEFICIT) | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Current maturities of long-term debt
|
| | | $ | 62,678 | | | | | $ | 49,202 | | |
Accounts payable
|
| | | | 20,920 | | | | | | 27,907 | | |
Accrued expenses
|
| | | | 71,381 | | | | | | 45,228 | | |
Deferred revenue, current
|
| | | | 651,096 | | | | | | 252,737 | | |
Operating lease liabilities, current
|
| | | | 15,858 | | | | | | 8,649 | | |
Intangible liabilities, current
|
| | | | 2,000 | | | | | | — | | |
Other current liabilities
|
| | | | 15,980 | | | | | | — | | |
Total current liabilities
|
| | | | 839,913 | | | | | | 383,723 | | |
Long-term debt
|
| | | | 148,411 | | | | | | 195,171 | | |
Deferred revenue, non-current
|
| | | | 1,982 | | | | | | 1,331 | | |
Operating lease liabilities, non-current
|
| | | | 56,358 | | | | | | 3,433 | | |
Intangible liabilities, non-current
|
| | | | 16,083 | | | | | | — | | |
Other non-current liabilities
|
| | | | 3,415 | | | | | | 231 | | |
Total liabilities
|
| | | | 1,066,162 | | | | | | 583,889 | | |
Commitments and contingencies (Note 11) | | | | | | | | | | | | | |
Members’ equity (deficit): | | | | | | | | | | | | | |
Class A preferred interests (73,723,250 interests issued and outstanding as of 2020 and 2019)
|
| | | | — | | | | | | — | | |
Class B preferred interests (34,023,527 interests issued and outstanding as of 2020 and 2019)
|
| | | | — | | | | | | — | | |
Class C preferred interests (37,642,050 interests issued and outstanding as of 2020 and 2019)
|
| | | | — | | | | | | — | | |
Class D preferred interests (36,909,359 interests issued and outstanding as of 2020 and 2019)
|
| | | | — | | | | | | 59,965 | | |
Class E preferred interests (112,949,305 and 0 interests issued and outstanding
as of 2020 and 2019) |
| | | | 401,567 | | | | | | — | | |
Common interests (63,262,039 and 61,537,901 interests issued and outstanding
as of 2020 and 2019) |
| | | | 8,959 | | | | | | 3,822 | | |
Common restricted interests
|
| | | | — | | | | | | — | | |
Common profits interests
|
| | | | 8,957 | | | | | | 7,841 | | |
Common stock options
|
| | | | 4,475 | | | | | | 2,249 | | |
Accumulated deficit
|
| | | | (130,131) | | | | | | (130,131) | | |
Total members’ equity (deficit)
|
| | | | 293,827 | | | | | | (56,254) | | |
Total liabilities and members’ equity (deficit)
|
| | | $ | 1,359,989 | | | | | $ | 527,635 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
Revenue: | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 694,981 | | | | | $ | 384,912 | | | | | $ | 332,144 | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | |
Cost of revenue
|
| | | | 634,775 | | | | | | 340,673 | | | | | | 283,231 | | |
Technology and development
|
| | | | 21,010 | | | | | | 13,965 | | | | | | 8,203 | | |
Sales and marketing
|
| | | | 55,124 | | | | | | 40,624 | | | | | | 42,048 | | |
General and administrative
|
| | | | 64,885 | | | | | | 28,426 | | | | | | 15,917 | | |
Depreciation and amortization
|
| | | | 58,529 | | | | | | 39,352 | | | | | | 35,226 | | |
CARES Act grant
|
| | | | (76,376) | | | | | | — | | | | | | — | | |
Total costs and expenses
|
| | | | 757,947 | | | | | | 463,040 | | | | | | 384,625 | | |
Loss from operations
|
| | | | (62,966) | | | | | | (78,128) | | | | | | (52,481) | | |
Other (expense) income: | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | 550 | | | | | | 615 | | | | | | 935 | | |
Interest expense
|
| | | | (22,989) | | | | | | (29,360) | | | | | | (31,691) | | |
Total other expense
|
| | | | (22,439) | | | | | | (28,745) | | | | | | (30,756) | | |
Net loss
|
| | | $ | (85,405) | | | | | $ | (106,873) | | | | | $ | (83,237) | | |
(in thousands)
|
| |
Class A
preferred interests |
| |
Class B
preferred interests |
| |
Class C
preferred interests |
| |
Class D
preferred interests |
| |
Class E
preferred interests |
| |
Common
interests |
| |
Common
restricted interests |
| |
Common
profits interests |
| |
Common
stock options |
| |
Accumulated
deficit |
| |
Total
|
| |||||||||||||||||||||||||||||||||
Balance as of December 31, 2017
|
| | | $ | — | | | | | $ | — | | | | | $ | 33,406 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 5,691 | | | | | $ | 228 | | | | | $ | (38,629) | | | | | $ | 696 | | |
Capital contributions, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | |
Equity-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,243 | | | | | | 1,046 | | | | | | — | | | | | | 2,289 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | (33,406) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | (49,831) | | | | | | (83,237) | | |
Balance as of December 31, 2018
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,934 | | | | | | 1,274 | | | | | | (88,460) | | | | | | (80,252) | | |
Capital contributions, net
|
| | | | — | | | | | | — | | | | | | — | | | | | | 125,167 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 125,167 | | |
Consideration issued for asset acquisition
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,822 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,822 | | |
Equity-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 907 | | | | | | 975 | | | | | | — | | | | | | 1,882 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (65,202) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (41,671) | | | | | | (106,873) | | |
Balance as of December 31, 2019
|
| | | | — | | | | | | — | | | | | | — | | | | | | 59,965 | | | | | | — | | | | | | 3,822 | | | | | | — | | | | | | 7,841 | | | | | | 2,249 | | | | | | (130,131) | | | | | | (56,254) | | |
Consideration issued for business combinations
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 427,007 | | | | | | 5,137 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 432,144 | | |
Equity-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,116 | | | | | | 2,226 | | | | | | — | | | | | | 3,342 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (59,965) | | | | | | (25,440) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (85,405) | | |
Balance as of December 31, 2020
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 401,567 | | | | | $ | 8,959 | | | | | $ | — | | | | | $ | 8,957 | | | | | $ | 4,475 | | | | | $ | (130,131) | | | | | $ | 293,827 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
OPERATING ACTIVITIES: | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (85,405) | | | | | $ | (106,873) | | | | | $ | (83,237) | | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 58,529 | | | | | | 39,352 | | | | | | 35,226 | | |
Amortization of deferred financing costs and debt discount
|
| | | | 1,612 | | | | | | 1,943 | | | | | | 1,835 | | |
Accretion of investments
|
| | | | — | | | | | | (38) | | | | | | (41) | | |
Equity-based compensation
|
| | | | 3,342 | | | | | | 1,882 | | | | | | 2,289 | | |
Provision for expected credit losses
|
| | | | 7,119 | | | | | | 567 | | | | | | 581 | | |
Changes in operating assets and liabilities, net of effects from acquisitions:
|
| | | | | | | | | | | | | | | | | | |
Accounts receivable
|
| | | | 14,506 | | | | | | 1,412 | | | | | | 6,432 | | |
Other receivables
|
| | | | 6,968 | | | | | | (4,942) | | | | | | 2,802 | | |
Parts and supplies inventories
|
| | | | (636) | | | | | | (70) | | | | | | — | | |
Prepaid expenses and other
|
| | | | (418) | | | | | | (3,276) | | | | | | 1,686 | | |
Other non-current assets
|
| | | | 877 | | | | | | 734 | | | | | | 17 | | |
Operating lease liabilities, net
|
| | | | 1,094 | | | | | | 961 | | | | | | — | | |
Accounts payable
|
| | | | (13,868) | | | | | | 6,728 | | | | | | 3,171 | | |
Accrued expenses
|
| | | | (6,080) | | | | | | 6,375 | | | | | | 1,937 | | |
Other current liabilities
|
| | | | 15,980 | | | | | | — | | | | | | — | | |
Other non-current liabilities
|
| | | | 3,415 | | | | | | 231 | | | | | | — | | |
Deferred revenue
|
| | | | 202,609 | | | | | | 30,134 | | | | | | 24,000 | | |
Net cash provided by (used in) operating activities
|
| | | | 209,644 | | | | | | (24,879) | | | | | | (3,302) | | |
INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (7,109) | | | | | | (4,146) | | | | | | (8,036) | | |
Acquisition of businesses, net of cash acquired
|
| | | | 97,104 | | | | | | (28,329) | | | | | | — | | |
Cash paid for asset acquisition
|
| | | | — | | | | | | (14,422) | | | | | | — | | |
Capitalized software development costs
|
| | | | (8,415) | | | | | | (3,923) | | | | | | (4,100) | | |
Purchases of investments
|
| | | | — | | | | | | (2,483) | | | | | | (9,426) | | |
Proceeds from sales and maturities of investments
|
| | | | — | | | | | | 11,987 | | | | | | — | | |
Net cash provided by (used in) investing activities
|
| | | | 81,580 | | | | | | (41,316) | | | | | | (21,562) | | |
FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | |
Proceeds from long-term debt
|
| | | | 755 | | | | | | — | | | | | | — | | |
Repayments of long-term debt
|
| | | | (63,450) | | | | | | (37,706) | | | | | | (33,139) | | |
Loans to employees
|
| | | | (93) | | | | | | (78) | | | | | | (91) | | |
Capital contributions – Class D preferred interests
|
| | | | — | | | | | | 128,167 | | | | | | — | | |
Payments of offering costs
|
| | | | — | | | | | | (3,000) | | | | | | — | | |
Net cash provided by (used in) financing activities
|
| | | | (62,788) | | | | | | 87,383 | | | | | | (33,230) | | |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED
CASH |
| | | | 228,436 | | | | | | 21,188 | | | | | | (58,094) | | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF
PERIOD |
| | | | 96,440 | | | | | | 75,252 | | | | | | 133,346 | | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH END OF PERIOD
|
| | | $ | 324,876 | | | | | $ | 96,440 | | | | | $ | 75,252 | | |
CASH PAID DURING THE PERIOD FOR: | | | | | | | | | | | | | | | | | | | |
Interest
|
| | | $ | 21,717 | | | | | $ | 28,369 | | | | | $ | 29,160 | | |
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 asset acquisition of Avianis Systems LLC
|
| | | | — | | | | | | 3,822 | | | | | | — | | |
| | | | ||||||||||
| | | | |
2019
|
| |||||||
Aircraft
|
| | | $ | 473,509 | | | | | $ | 471,972 | | |
Software development costs
|
| | | | 22,414 | | | | | | 13,491 | | |
Leasehold improvements
|
| | | | 9,560 | | | | | | 4,359 | | |
Computer equipment
|
| | | | 1,846 | | | | | | 1,378 | | |
Building and improvements
|
| | | | 1,424 | | | | | | 1,424 | | |
Furniture and fixtures
|
| | | | 1,321 | | | | | | 374 | | |
Tooling
|
| | | | 1,296 | | | | | | — | | |
Vehicles
|
| | | | 597 | | | | | | 71 | | |
| | | | | 511,967 | | | | | | 493,069 | | |
Less: Accumulated depreciation and amortization
|
| | | | (188,877) | | | | | | (148,088) | | |
Total
|
| | | $ | 323,090 | | | | | $ | 344,981 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | | | |
2019
|
| |
2018
|
| ||||||||||
Services transferred at a point in time: | | | | | | | | | | | | | | | | | | | |
Flights, net of discounts and fees
|
| | | $ | 495,419 | | | | | $ | 334,263 | | | | | $ | 284,660 | | |
Recharge and recovery
|
| | | | 124,881 | | | | | | — | | | | | | — | | |
Ground services – FBO
|
| | | | 2,162 | | | | | | — | | | | | | — | | |
Other
|
| | | | 7,230 | | | | | | 4,781 | | | | | | 4,441 | | |
Services transferred over time: | | | | | | | | | | | | | | | | | | | |
Memberships – annual dues
|
| | | | 47,435 | | | | | | 42,025 | | | | | | 36,743 | | |
Memberships – initiation fees
|
| | | | 7,187 | | | | | | 3,843 | | | | | | 6,300 | | |
Aircraft management – monthly fee
|
| | | | 7,848 | | | | | | — | | | | | | — | | |
Ground services – MRO
|
| | | | 2,819 | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 694,981 | | | | | $ | 384,912 | | | | | $ | 332,144 | | |
| | | | ||||||||||
| | | | |
2019
|
| |||||||
Flights – Blocks and jet cards
|
| | | $ | 609,490 | | | | | $ | 219,839 | | |
Memberships – annual dues
|
| | | | 32,016 | | | | | | 24,667 | | |
Memberships – initiation fees
|
| | | | 3,870 | | | | | | 2,715 | | |
Flights – credits
|
| | | | 7,291 | | | | | | 5,032 | | |
Other
|
| | | | 411 | | | | | | 1,815 | | |
Deferred revenue, total
|
| | | | 653,078 | | | | | | 254,068 | | |
Less: Deferred revenue, current
|
| | | | (651,096) | | | | | | (252,737) | | |
Deferred revenue, non-current
|
| | | $ | 1,982 | | | | | $ | 1,331 | | |
| | | | ||||||||||
| | | | |
2019
|
| |||||||
Deferred revenue – beginning balance
|
| | | $ | 254,068 | | | | | $ | 222,639 | | |
Amounts deferred during the period
|
| | | | 954,840 | | | | | | 416,342 | | |
Revenue recognized from amounts included in deferred revenue beginning balance
|
| | | | (154,138) | | | | | | (165,302) | | |
Revenue from current period sales
|
| | | | (401,692) | | | | | | (219,611) | | |
Deferred revenue – ending balance
|
| | | $ | 653,078 | | | | | $ | 254,068 | | |
|
Current assets
|
| | | $ | 147,440 | | |
|
Property and equipment
|
| | | | 6,729 | | |
|
Intangible assets
|
| | | | 150,000 | | |
|
Goodwill
|
| | | | 341,671 | | |
|
Other assets
|
| | | | 17,608 | | |
|
Total assets acquired
|
| | | | 663,448 | | |
|
Total liabilities assumed
|
| | | | (236,441) | | |
|
Net assets acquired
|
| | | $ | 427,007 | | |
| | |
Amount
(In thousands) |
| |
Weighted-
Average Amortization Period (Years) |
| ||||||
Status
|
| | | $ | 80,000 | | | | | | 10.0 | | |
Customer relationships
|
| | | | 60,000 | | | | | | 10.0 | | |
Trade name
|
| | | | 10,000 | | | | | | 10.0 | | |
Total acquired intangible assets
|
| | | $ | 150,000 | | | | | | 10.0 | | |
Total acquired intangible liabilities
|
| | | $ | 20,000 | | | | | | 10.0 | | |
|
Current assets
|
| | | $ | 50,316 | | |
|
Property and equipment
|
| | | | 696 | | |
|
Intangible assets
|
| | | | 13,000 | | |
|
Goodwill
|
| | | | 54,757 | | |
|
Other assets
|
| | | | 5,866 | | |
|
Total assets acquired
|
| | | | 124,635 | | |
|
Total liabilities assumed
|
| | | | (50,705) | | |
|
Net assets acquired
|
| | | $ | 73,930 | | |
| | |
Amount
(In thousands) |
| |
Weighted-
Average Amortization Period (Years) |
| ||||||
Customer relationships
|
| | | $ | 10,000 | | | | | | 10.0 | | |
Trade name
|
| | | | 3,000 | | | | | | 2.0 | | |
Total acquired intangible assets
|
| | | $ | 13,000 | | | | | | 8.2 | | |
|
Current assets
|
| | | $ | 3,468 | | |
|
Property and equipment
|
| | | | 27,198 | | |
|
Intangible assets
|
| | | | 2,100 | | |
|
Goodwill
|
| | | | 3,732 | | |
|
Other assets
|
| | | | 3,774 | | |
|
Total assets acquired
|
| | | | 40,272 | | |
|
Total liabilities assumed
|
| | | | (10,492) | | |
|
Net assets acquired
|
| | | $ | 29,780 | | |
| | |
Amount
(In thousands) |
| |
Weighted-
Average Amortization Period (Years) |
| ||||||
Non-competition agreement
|
| | | $ | 100 | | | | | | 1.0 | | |
Trade name
|
| | | | 900 | | | | | | 5.0 | | |
Developed technology
|
| | | | 500 | | | | | | 5.0 | | |
Leasehold interest – favorable
|
| | | | 600 | | | | | | 27.0 | | |
Total acquired intangible assets
|
| | | $ | 2,100 | | | | | | 11.1 | | |
|
Current assets
|
| | | $ | 99 | | |
|
Intangible assets
|
| | | | 18,947 | | |
|
Total assets acquired
|
| | | | 19,046 | | |
|
Total liabilities assumed
|
| | | | (802) | | |
|
Net assets acquired
|
| | | $ | 18,244 | | |
| | |
Amount
(In thousands) |
| |
Weighted-
Average Amortization Period (Years) |
| ||||||
Developed technology
|
| | | $ | 18,947 | | | | | | 7.0 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | | | |
2019
|
| |||||||
| | |
(in thousands)
|
| |||||||||
Revenue
|
| | | $ | 739,707 | | | | | $ | 825,749 | | |
Loss from operations
|
| | | $ | (59,673) | | | | | $ | (103,346) | | |
|
Balance as of January 1, 2019
|
| | | $ | — | | |
|
Acquisition of TMC
|
| | | | 3,732 | | |
|
Balance as of December 31, 2019
|
| | | | 3,732 | | |
|
Acquisition of WUPJ
|
| | | | 341,671 | | |
|
Acquisition of Gama
|
| | | | 54,757 | | |
|
Balance as of December 31, 2020
|
| | | $ | 400,160 | | |
| | | | ||||||||||||||||
| | |
Gross Carrying
Value |
| |
Accumulated
Amortization |
| |
Net Carrying
Value |
| |||||||||
Status
|
| | | $ | 80,000 | | | | | $ | 7,645 | | | | | $ | 72,355 | | |
Customer relationships
|
| | | | 70,000 | | | | | | 6,609 | | | | | | 63,391 | | |
Non-competition agreement
|
| | | | 100 | | | | | | 100 | | | | | | — | | |
Trade name
|
| | | | 13,900 | | | | | | 2,487 | | | | | | 11,413 | | |
Developed technology
|
| | | | 19,545 | | | | | | 3,559 | | | | | | 15,986 | | |
Leasehold interest – favorable
|
| | | | 600 | | | | | | 35 | | | | | | 565 | | |
Total
|
| | | $ | 184,145 | | | | | $ | 20,435 | | | | | $ | 163,710 | | |
| | | | ||||||||||||||||
| | |
Gross Carrying
Value |
| |
Accumulated
Amortization |
| |
Net Carrying
Value |
| |||||||||
Non-competition agreement
|
| | | $ | 100 | | | | | $ | 58 | | | | | $ | 42 | | |
Trade name
|
| | | | 900 | | | | | | 105 | | | | | | 795 | | |
Developed technology
|
| | | | 19,447 | | | | | | 735 | | | | | | 18,712 | | |
Leasehold interest – favorable
|
| | | | 600 | | | | | | 14 | | | | | | 586 | | |
Total
|
| | | $ | 21,047 | | | | | $ | 912 | | | | | $ | 20,135 | | |
| | | | ||||||||||||||||
| | |
Gross Carrying
Value |
| |
Accumulated
Amortization |
| |
Net Carrying
Value |
| |||||||||
Intangible liabilities
|
| | | $ | 20,000 | | | | | $ | 1,917 | | | | | $ | 18,083 | | |
Year ending December 31,
|
| |
Intangible
Assets |
| |
Intangible
Liabilities |
| ||||||
2021
|
| | | $ | 20,578 | | | | | $ | 2,000 | | |
2022
|
| | | | 19,333 | | | | | | 2,000 | | |
2023
|
| | | | 19,078 | | | | | | 2,000 | | |
2024
|
| | | | 18,915 | | | | | | 2,000 | | |
2025
|
| | | | 18,798 | | | | | | 2,000 | | |
Thereafter
|
| | | | 67,008 | | | | | | 8,083 | | |
| | | | $ | 163,710 | | | | | $ | 18,083 | | |
| | | | ||||||||||||||||||||||||||||
| | |
Amortized
Cost |
| |
Unrealized
Gains |
| |
Unrealized
Losses |
| |
Fair
Value |
| |
Cash and
Cash Equivalents |
| |||||||||||||||
Cash
|
| | | $ | 209,327 | | | | | $ | — | | | | | $ | — | | | | | $ | 209,327 | | | | | $ | 209,327 | | |
Money market funds
|
| | | | 103,472 | | | | | | — | | | | | | — | | | | | | 103,472 | | | | | | 103,472 | | |
Total
|
| | | $ | 312,799 | | | | | $ | — | | | | | $ | — | | | | | $ | 312,799 | | | | | $ | 312,799 | | |
| | | | ||||||||||||||||||||||||||||
| | |
Amortized
Cost |
| |
Unrealized
Gains |
| |
Unrealized
Losses |
| |
Fair
Value |
| |
Cash and
Cash Equivalents |
| |||||||||||||||
Cash
|
| | | $ | 65,938 | | | | | $ | — | | | | | $ | — | | | | | $ | 65,938 | | | | | $ | 65,938 | | |
Money market funds
|
| | | | 18,108 | | | | | | — | | | | | | — | | | | | | 18,108 | | | | | | 18,108 | | |
Total
|
| | | $ | 84,046 | | | | | $ | — | | | | | $ | — | | | | | $ | 84,046 | | | | | $ | 84,046 | | |
| | | | ||||||||||
| | | | |
2019
|
| |||||||
Cash and cash equivalents
|
| | | $ | 312,799 | | | | | $ | 84,046 | | |
Restricted cash
|
| | | | 12,077 | | | | | | 12,394 | | |
Total
|
| | | $ | 324,876 | | | | | $ | 96,440 | | |
| | | | ||||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Fair
Value |
| ||||||||||||
Cash Equivalents: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 103,472 | | | | | $ | — | | | | | $ | — | | | | | $ | 103,472 | | |
| | | | ||||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Fair
Value |
| ||||||||||||
Cash Equivalents: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 18,108 | | | | | $ | — | | | | | $ | — | | | | | $ | 18,108 | | |
| | | | ||||||||||
| | | | |
2019
|
| |||||||
Amended 1st Facility: | | | | | | | | | | | | | |
Debt discount
|
| | | $ | 1,154 | | | | | $ | 1,153 | | |
Less: Accumulated amortization
|
| | | | (1,091) | | | | | | (995) | | |
| | | | | 63 | | | | | | 158 | | |
2nd Facility: | | | | | | | | | | | | | |
Debt discount
|
| | | | 862 | | | | | | 862 | | |
Less: Accumulated amortization
|
| | | | (629) | | | | | | (509) | | |
| | | | | 233 | | | | | | 353 | | |
3rd Facility: | | | | | | | | | | | | | |
Debt discount
|
| | | | 735 | | | | | | 735 | | |
Less: Accumulated amortization
|
| | | | (416) | | | | | | (296) | | |
| | | | | 319 | | | | | | 439 | | |
Total
|
| | | $ | 615 | | | | | $ | 950 | | |
| | | | ||||||||||
| | | | |
2019
|
| |||||||
Amended 1st Facility: | | | | | | | | | | | | | |
Deferred financing costs
|
| | | $ | 4,540 | | | | | $ | 4,540 | | |
Less: Accumulated amortization
|
| | | | (4,403) | | | | | | (4,047) | | |
| | | | | 137 | | | | | | 493 | | |
2nd Facility: | | | | | | | | | | | | | |
Deferred financing costs
|
| | | | 3,845 | | | | | | 3,829 | | |
Less: Accumulated amortization
|
| | | | (2,770) | | | | | | (2,242) | | |
| | | | | 1,075 | | | | | | 1,587 | | |
3rd Facility: | | | | | | | | | | | | | |
Deferred financing costs
|
| | | | 2,622 | | | | | | 2,613 | | |
Less: Accumulated amortization
|
| | | | (1,457) | | | | | | (1,040) | | |
| | | | | 1,165 | | | | | | 1,573 | | |
Total
|
| | | $ | 2,377 | | | | | $ | 3,653 | | |
| | |
Maturity Dates
|
| | | | | ||||||||||||||
| | | | |
2019
|
| ||||||||||||||||
Amended 1st Facility: | | | | | | | | | | | | | | | | | | | | | | |
A-1
|
| |
2020 to 2021
|
| | | | 10.92% | | | | | $ | 11,811 | | | | | $ | 29,099 | | |
A-2
|
| |
2020 to 2021
|
| | | | 10.92% | | | | | | 7,874 | | | | | | 19,400 | | |
A-3
|
| |
2021 to 2022
|
| | | | 10.92% | | | | | | 28,104 | | | | | | 34,821 | | |
B
|
| |
2023 to 2024
|
| | | | 12.00% | | | | | | 8,119 | | | | | | 14,175 | | |
2nd Facility: | | | | | | | | | | | | | | | | | | | | | | |
A
|
| |
2023 to 2024
|
| | | | 8.15% | | | | | | 55,450 | | | | | | 63,325 | | |
B
|
| |
2023 to 2024
|
| | | | 11.40% | | | | | | 24,510 | | | | | | 27,210 | | |
3rd Facility: | | | | | | | | | | | | | | | | | | | | | | |
A
|
| |
2024 to 2025
|
| | | | 9.54% | | | | | | 53,334 | | | | | | 60,946 | | |
| | | | | | | | | | | | | | 189,202 | | | | | | 248,976 | | |
Less: Unamortized debt discount
|
| | | | | | | | | | | | | (615) | | | | | | (950) | | |
Less: Unamortized deferred financing costs
|
| | | | | | | | | | | | | (2,377) | | | | | | (3,653) | | |
| | | | | | | | | | | | | | 186,210 | | | | | | 244,373 | | |
Less: Current maturities of long-term debt
|
| | | | | | | | | | | | | (55,295) | | | | | | (49,202) | | |
Total
|
| | | | | | | | | | | | $ | 130,915 | | | | | $ | 195,171 | | |
| | | | | | | | |
Amortization of
|
| |||||||||
Year ending December 31,
|
| |
Principal
Payments |
| |
Debt
Discounts |
| |
Deferred
Financing Costs |
| |||||||||
2021
|
| | | $ | 62,679 | | | | | $ | 260 | | | | | $ | 917 | | |
2022
|
| | | | 46,717 | | | | | | 185 | | | | | | 700 | | |
2023
|
| | | | 68,818 | | | | | | 112 | | | | | | 430 | | |
2024
|
| | | | 23,190 | | | | | | 48 | | | | | | 170 | | |
2025
|
| | | | 12,677 | | | | | | 10 | | | | | | 160 | | |
Thereafter
|
| | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 214,081 | | | | | $ | 615 | | | | | $ | 2,377 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | | | |
2019
|
| |||||||
Operating lease costs
|
| | | $ | 19,810 | | | | | $ | 8,078 | | |
Short-term lease costs
|
| | | | 17,217 | | | | | | 1,853 | | |
Less: Sublease income
|
| | | | — | | | | | | (375) | | |
Total lease costs
|
| | | $ | 37,027 | | | | | $ | 9,556 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | | | |
2019
|
| |||||||
Cash paid for amounts included in the measurement of operating lease liabilities:
|
| | | | | | | | | | | | |
Operating cash flows paid for operating leases
|
| | | $ | 19,889 | | | | | $ | 9,734 | | |
Right-of-use assets obtained in exchange for operating lease
obligations |
| | | $ | 68,152 | | | | | $ | 126 | | |
| | |
2020
|
| |
2019
|
| ||||||
Weighted-average remaining lease term (in years): | | | | | | | | | | | | | |
Operating leases
|
| | | | 7.5 | | | | | | 2.7 | | |
Weighted-average discount rate: | | | | | | | | | | | | | |
Operating leases
|
| | | | 9.5% | | | | | | 9.6% | | |
Year Ending December 31,
|
| |
Operating Leases
|
| |||
2021
|
| | | $ | 22,053 | | |
2022
|
| | | | 18,620 | | |
2023
|
| | | | 14,409 | | |
2024
|
| | | | 7,041 | | |
2025
|
| | | | 5,056 | | |
Thereafter
|
| | | | 35,197 | | |
Total lease payments
|
| | | | 102,376 | | |
Less: Imputed interest
|
| | | | (30,160) | | |
Total lease obligations
|
| | | $ | 72,216 | | |
Grant Date
|
| |
Participation
Threshold |
| |
Authorized and
Issued Profits Interests |
| ||||||
| | | $ | 133,233 | | | | | | 8,000 | | | |
| | | | 185,000 | | | | | | 1,523 | | | |
| | | | 350,000 | | | | | | 7,000 | | | |
| | | | 521,637 | | | | | | 15,250 | | | |
| | | | 692,500 | | | | | | 3,920 | | | |
| | | | 692,500 | | | | | | 1,000 | | | |
| | | | 692,500 | | | | | | 4,769 | | | |
| | | | 692,500 | | | | | | 3,988 | | | |
| | | | 756,000 | | | | | | 250 | | | |
| | | | 884,445 | | | | | | 3,725 | | | |
| | | | 1,323,174 | | | | | | 15,227 | | | |
| | | | 1,500,000 | | | | | | 2,985 | | | |
| | | | 1,597,729 | | | | | | 400 | | | |
| | | | | | | | | | | 68,037 | | |
| | |
Number of
Profits Interests |
| |
Weighted-
Average Grant Date Fair Value |
| ||||||
| | |
(in thousands)
|
| | | | | | | |||
Outstanding profits interests as of January 1, 2020
|
| | | | 45,313 | | | | | $ | 0.19 | | |
Changes during the year:
|
| | | | | | | | | | | | |
Granted
|
| | | | 18,612 | | | | | | 0.19 | | |
Expired/forfeited
|
| | | | (903) | | | | | | 0.20 | | |
Outstanding profits interests as of December 31, 2020
|
| | | | 63,022 | | | | | $ | 0.19 | | |
| | |
Number of
Profits Interests |
| |
Weighted-
Average Grant Date Fair Value |
| ||||||
| | |
(in thousands)
|
| | | | | | | |||
Non-vested profits interests as of January 1, 2020
|
| | | | 16,294 | | | | | $ | 0.06 | | |
Granted
|
| | | | 18,612 | | | | | | 0.19 | | |
Vested
|
| | | | (6,609) | | | | | | 0.10 | | |
Forfeited
|
| | | | (903) | | | | | | 0.20 | | |
Non-vested profits interests as of December 31, 2020
|
| | | | 27,394 | | | | | $ | 0.13 | | |
| | |
Number of
Restricted Interests |
| |
Weighted-
Average Grant Date Fair Value |
| ||||||
| | |
(in thousands)
|
| | | | | | | |||
Outstanding restricted interests as of January 1, 2020
|
| | | | 9,387 | | | | | $ | 1.80 | | |
Changes during the year: | | | | | | | | | | | | | |
Granted
|
| | | | 740 | | | | | | 2.25 | | |
Expired/forfeited
|
| | | | — | | | | | | — | | |
Outstanding restricted interests as of December 31, 2020
|
| | | | 10,127 | | | | | $ | 1.83 | | |
| | |
Number of
Restricted Interests |
| |
Weighted-
Average Grant Date Fair Value |
| ||||||
| | |
(in thousands)
|
| | | | | | | |||
Non-vested restricted interests as of January 1, 2020
|
| | | | 9,387 | | | | | $ | 1.80 | | |
Granted
|
| | | | 740 | | | | | | 2.25 | | |
Vested
|
| | | | — | | | | | | — | | |
Forfeited
|
| | | | — | | | | | | — | | |
Non-vested restricted interests as of December 31, 2020
|
| | | | 10,127 | | | | | $ | 1.83 | | |
| | |
Number of
Stock Options |
| |
Weighted-
Average Exercise Price |
| |
Weighted-
Average Grant Date Fair Value |
| |||||||||
| | |
(in thousands)
|
| | | | | | | | | | | | | |||
Outstanding stock options as of January 1, 2020
|
| | | | 21,910 | | | | | $ | 3.31 | | | | | $ | 0.32 | | |
Changes during the year: | | | | | | | | | | | | | | | | | | | |
Granted
|
| | | | 14,740 | | | | | | 3.65 | | | | | | 0.84 | | |
Exercised
|
| | | | — | | | | | | — | | | | | | — | | |
Expired/forfeited
|
| | | | (1,421) | | | | | | 3.13 | | | | | | 0.29 | | |
Outstanding stock options as of December 31, 2020
|
| | | | 35,229 | | | | | $ | 3.46 | | | | | $ | 0.54 | | |
Exercisable stock options as of December 31, 2020
|
| | | | 9,453 | | | | | $ | 3.25 | | | | | $ | 0.32 | | |
| | |
Number of Stock
Options |
| |
Weighted-
Average Grant Date Fair Value |
| ||||||
| | |
(in thousands)
|
| | | | | | | |||
Non-vested stock options as of January 1, 2020
|
| | | | 15,454 | | | | | $ | 0.33 | | |
Granted
|
| | | | 14,740 | | | | | | 0.84 | | |
Vested
|
| | | | (4,933) | | | | | | 0.36 | | |
Forfeited
|
| | | | (1,421) | | | | | | 0.29 | | |
Non-vested stock options as of December 31, 2020
|
| | | | 23,840 | | | | | $ | 0.64 | | |
| | |
2020
|
| |
2019
|
| |
2018
|
| |||
Expected term (in years)
|
| |
7
|
| |
7
|
| | | | 7 | | |
Expected volatility
|
| |
44% – 47%
|
| |
32% – 35%
|
| | | | 32% | | |
Weighted-average volatility
|
| |
46%
|
| |
35%
|
| | | | 32% | | |
Risk-free rate
|
| |
0.4% – 0.7%
|
| |
1.4% – 2.8%
|
| | | | 2.8% | | |
Expected dividend rate
|
| |
0%
|
| |
0%
|
| | | | 0% | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | | | |
2019
|
| |
2018
|
| ||||||||||
Cost of revenue
|
| | | $ | 293 | | | | | $ | 455 | | | | | $ | 240 | | |
Technology and development
|
| | | | 445 | | | | | | 449 | | | | | | 237 | | |
Sales and marketing
|
| | | | 1,055 | | | | | | 723 | | | | | | 1,147 | | |
General and administrative
|
| | | | 1,549 | | | | | | 255 | | | | | | 665 | | |
Total equity-based compensation expense
|
| | | $ | 3,342 | | | | | $ | 1,882 | | | | | $ | 2,289 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
| | | | |
2019
|
| |
2018
|
| ||||||||||
Revenue derived from equity investors
|
| | | $ | 14,939 | | | | | $ | 18,332 | | | | | $ | 18,541 | | |
Deferred revenue from equity investors
|
| | | $ | 14,132 | | | | | $ | 10,994 | | | | | $ | 11,044 | | |
Accounts receivable due from equity investors
|
| | | $ | 3,881 | | | | | $ | 2,071 | | | | | $ | 1,135 | | |
(in thousands, except share data)
|
| | | ||||
ASSETS | | | | | | | |
Current assets: | | | | | | | |
Cash
|
| | | $ | 32,949 | | |
Note receivable due from parent
|
| | | | 205,000 | | |
Accounts receivable
|
| | | | 6,864 | | |
Parts and supplies inventories
|
| | | | 2,744 | | |
Prepaid expenses and other current assets
|
| | | | 5,313 | | |
Total current assets
|
| | | | 252,870 | | |
Property and equipment, net
|
| | | | 3,680 | | |
Operating lease right-of-use assets
|
| | | | 26,712 | | |
Total assets
|
| | | $ | 283,262 | | |
LIABILITIES AND SHAREHOLDER’S EQUITY | | | | | | | |
Current liabilities: | | | | | | | |
Accounts payable
|
| | | $ | 7,384 | | |
Accrued taxes
|
| | | | 9,462 | | |
Accrued expenses and other
|
| | | | 4,161 | | |
Deferred revenue, current
|
| | | | 136,554 | | |
Operating lease liabilities, current
|
| | | | 8,525 | | |
Total current liabilities
|
| | | | 166,086 | | |
Deferred revenue, non-current
|
| | | | 52,946 | | |
Operating lease liabilities, non-current
|
| | | | 18,234 | | |
Total liabilities
|
| | | | 237,266 | | |
Commitments and contingencies (Note 6) | | | | | | | |
Common shares, no par value (500 shares authorized and 250 shares issued)
|
| | | | — | | |
Additional paid-in-capital
|
| | | | 79,565 | | |
Accumulated deficit
|
| | | | (43,526) | | |
Net parent investment
|
| | | | 9,957 | | |
Total shareholder’s equity
|
| | | | 45,996 | | |
Total liabilities and shareholder’s equity
|
| | | $ | 283,262 | | |
(in thousands)
|
| | | ||||
Revenue: | | | | | | | |
Net revenue
|
| | | $ | 228,375 | | |
Costs and expenses: | | | | | | | |
Cost of revenue
|
| | | | 224,128 | | |
Sales and marketing
|
| | | | 6,604 | | |
Technology
|
| | | | 2,057 | | |
General and administrative
|
| | | | 7,125 | | |
Depreciation and amortization
|
| | | | 616 | | |
Total costs and expenses
|
| | | | 240,530 | | |
Loss from operations
|
| | | | (12,155) | | |
Other income – interest
|
| | | | 7,802 | | |
Loss before income taxes
|
| | | | (4,353) | | |
Income tax expense
|
| | | | 5,934 | | |
Net loss
|
| | | $ | (10,287) | | |
| | |
Common Shares
|
| |
Additional
Paid-In Capital |
| |
Accumulated
Deficit |
| |
Net Parent
Investment |
| | | | | | | ||||||||||||||||||
(in thousands, except share data)
|
| |
Shares
|
| |
Amount
|
| |
Total
|
| |||||||||||||||||||||||||||
Balance as of December 31, 2018
|
| | | | 250 | | | | | $ | — | | | | | $ | 79,565 | | | | | $ | (33,239) | | | | | $ | — | | | | | $ | 46,326 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (10,287) | | | | | | — | | | | | | (10,287) | | |
Net parent investment
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,957 | | | | | | 9,957 | | |
Balance as of December 31, 2019
|
| | | | 250 | | | | | $ | — | | | | | $ | 79,565 | | | | | $ | (43,526) | | | | | $ | 9,957 | | | | | $ | 45,996 | | |
(in thousands)
|
| | | ||||
OPERATING ACTIVITIES: | | | | | | | |
Net loss
|
| | | $ | (10,287) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | |
Depreciation and amortization
|
| | | | 616 | | |
Changes in operating assets and liabilities:
|
| | | | | | |
Increase in accounts receivable
|
| | | | (1,354) | | |
Decrease in parts and supplies inventories
|
| | | | 71 | | |
Increase in prepaid expenses and other current assets
|
| | | | (590) | | |
Increase in operating lease liabilities, net
|
| | | | 48 | | |
Decrease in accounts payable
|
| | | | (2,621) | | |
Increase in accrued taxes
|
| | | | 6,191 | | |
Increase in accrued expenses and other
|
| | | | 145 | | |
Increase in deferred revenue
|
| | | | 3,600 | | |
Net cash used in operating activities
|
| | | | (4,181) | | |
INVESTING ACTIVITIES: | | | | | | | |
Purchases of property and equipment
|
| | | | (408) | | |
Capitalized software development costs
|
| | | | (328) | | |
Net cash used in investing activities
|
| | | | (736) | | |
FINANCING ACTIVITIES: | | | | | | | |
Net parent investment
|
| | | | 9,957 | | |
Net cash provided by financing activities
|
| | | | 9,957 | | |
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
| | | | 5,040 | | |
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD
|
| | | | 27,909 | | |
CASH AND CASH EQUIVALENTS END OF PERIOD
|
| | | $ | 32,949 | | |
|
Leasehold improvements
|
| | | $ | 3,590 | | |
|
Tooling and rotables
|
| | | | 2,011 | | |
|
Computer equipment
|
| | | | 559 | | |
|
Software development costs
|
| | | | 898 | | |
|
Vehicles
|
| | | | 213 | | |
|
Furniture and fixtures
|
| | | | 156 | | |
| | | | | | 7,427 | | |
|
Less: Accumulated depreciation and amortization
|
| | | | (3,747) | | |
|
Total
|
| | | $ | 3,680 | | |
| Services transferred at a point in time: | | | | | | | |
|
Flights, including breakage and net of discounts and fees
|
| | | $ | 191,119 | | |
|
Aircraft management – recharge and recovery
|
| | | | 26,424 | | |
|
Ground services – FBO
|
| | | | 3,576 | | |
| Services transferred over time: | | | | | | | |
|
Ground services – MRO
|
| | | | 4,995 | | |
|
Aircraft management – monthly fee
|
| | | | 1,345 | | |
|
Sky Access memberships
|
| | | | 916 | | |
|
Total
|
| | | $ | 228,375 | | |
|
Flights – Jet Card deposits
|
| | | $ | 185,580 | | |
|
Aircraft management – security deposits
|
| | | | 1,999 | | |
|
Flights – charter deposits
|
| | | | 998 | | |
|
Sky Access memberships – fees and dues
|
| | | | 793 | | |
|
Other
|
| | | | 130 | | |
|
Deferred revenue, total
|
| | | | 189,500 | | |
|
Less: Deferred revenue, current
|
| | | | 136,554 | | |
|
Deferred revenue, non-current
|
| | | $ | 52,946 | | |
|
Deferred revenue – beginning balance
|
| | | $ | 185,900 | | |
|
Amounts deferred during the period
|
| | | | 192,456 | | |
|
Revenue recognized from amounts included in the deferred revenue beginning balance
|
| | | | (120,601) | | |
|
Revenue from current period sales
|
| | | | (68,255) | | |
|
Deferred revenue – ending balance
|
| | | $ | 189,500 | | |
|
Cost of revenue
|
| | | $ | 6,206 | | |
|
General and administrative
|
| | | | 3,004 | | |
| | | | | $ | 9,210 | | |
|
Operating lease costs
|
| | | $ | 9,821 | | |
| Cash paid for amounts included in the measurement of operating lease liabilities: | | | | | | | |
|
Operating cash flows paid for operating leases
|
| | | $ | 9,847 | | |
| Weighted-average remaining lease term (in years): | | | | | | | |
|
Operating leases
|
| | | | 4.3 | | |
| Weighted-average discount rate: | | | | | | | |
|
Operating leases
|
| | | | 3.4% | | |
Years
|
| |
Operating Leases
|
| |||
2020
|
| | | $ | 8,672 | | |
2021
|
| | | | 8,332 | | |
2022
|
| | | | 5,176 | | |
2023
|
| | | | 2,283 | | |
2024
|
| | | | 1,259 | | |
Thereafter
|
| | | | 3,255 | | |
Total lease payments
|
| | | | 28,977 | | |
Less: Imputed interest
|
| | | | 2,218 | | |
Total lease obligations
|
| | | $ | 26,759 | | |
| Current: | | | | | | | |
|
Federal
|
| | | $ | 4,524 | | |
|
State and local
|
| | | | 1,410 | | |
|
Total current
|
| | | | 5,934 | | |
| Deferred: | | | | | | | |
|
Federal
|
| | | | — | | |
|
State and local
|
| | | | — | | |
|
Total deferred
|
| | | | — | | |
|
Income tax expense
|
| | | $ | 5,934 | | |
|
Income tax benefit at federal statutory rate
|
| | | $ | (914) | | |
|
State tax benefit
|
| | | | (194) | | |
|
Change in valuation allowance
|
| | | | 6,968 | | |
|
Other
|
| | | | 74 | | |
|
Income tax expense
|
| | | $ | 5,934 | | |
| Deferred tax assets: | | | | | | | |
|
Deferred revenue
|
| | | $ | 16,899 | | |
|
Operating lease liabilities
|
| | | | 6,918 | | |
|
Other
|
| | | | 868 | | |
|
Total deferred tax assets
|
| | | | 24,685 | | |
| Deferred tax liabilities: | | | | | | | |
|
Operating lease right-of-use assets
|
| | | | (6,906) | | |
|
Other
|
| | | | (9) | | |
|
Total deferred tax liabilities
|
| | | | (6,915) | | |
|
Net deferred tax assets
|
| | | | 17,770 | | |
|
Deferred tax assets valuation allowance
|
| | | | (17,770) | | |
|
Deferred tax assets (net of valuation allowance)
|
| | | $ | — | | |
| | |
Amount
Paid or to be Paid |
| |||
SEC registration fee
|
| | | $ | 172,738.43 | | |
Accounting fees and expenses
|
| | | | * | | |
Legal fees and expenses
|
| | | | * | | |
Financial printer and miscellaneous fees and expenses
|
| | | | * | | |
Total
|
| | | $ | * | | |
|
Exhibit
Number |
| |
Description
|
|
|
23.1
|
| | | |
|
23.2
|
| | | |
|
23.3
|
| | | |
|
23.4*
|
| | Consent of Arnold & Porter Kaye Scholer LLP (included in Exhibit 5.1) | |
|
24.1
|
| | | |
|
101.INS*
|
| | XBRL Instance Document | |
|
101.SCH*
|
| | XBRL Taxonomy Extension Schema Document | |
|
101.CAL*
|
| | XBRL Taxonomy Extension Calculation Linkbase Document | |
|
101.DEF*
|
| | XBRL Taxonomy Extension Definition Linkbase Document | |
|
101.LAB*
|
| | XBRL Taxonomy Extension Label Linkbase Document | |
|
101.PRE*
|
| | XBRL Taxonomy Extension Presentation Linkbase Document | |
| | | | WHEELS UP EXPERIENCE INC. | | |||
| | | | By: | | |
/s/ Kenneth Dichter
Name: Kenneth Dichter
Title:
Chief Executive Officer, Chairman of the Board
|
|
|
/s/ Kenneth Dichter
|
| | Chief Executive Officer, Chairman of the Board (Principal Executive Officer) | | | | |
|
/s/ Eric Jacobs
|
| |
Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer) |
| | | |
|
/s/ David Adelman
|
| | Director | | | | |
|
|
| | Director | | | | |
|
/s/ Chih Cheung
|
| | Director | | | | |
|
/s/ Marc Farrell
|
| | Director | | | | |
|
/s/ Michael Mullen
|
| | Director | | | | |
|
/s/ Eric Phillips
|
| | Director | | | |
|
/s/ Brian Radecki
|
| | Director | | | | |
|
/s/ Susan Schulman
|
| | Director | | | | |
|
/s/ Erik Snell
|
| | Director | | | | |
|
/s/ Ravi Thakran
|
| | Director | | | |
This ‘S-1’ Filing | Date | Other Filings | ||
---|---|---|---|---|
1/31/31 | ||||
9/29/30 | ||||
7/13/26 | ||||
1/17/25 | ||||
11/2/24 | ||||
10/13/24 | ||||
4/29/24 | ||||
3/2/24 | ||||
12/11/23 | ||||
11/2/23 | ||||
10/13/23 | ||||
7/16/23 | ||||
7/15/23 | ||||
6/25/23 | ||||
4/30/23 | ||||
4/29/23 | ||||
3/2/23 | ||||
1/11/23 | ||||
1/1/23 | ||||
12/31/22 | ||||
12/11/22 | ||||
11/2/22 | ||||
10/31/22 | ||||
10/13/22 | ||||
9/25/22 | ||||
8/23/22 | ||||
7/16/22 | ||||
7/15/22 | ||||
6/25/22 | ||||
4/30/22 | ||||
4/29/22 | ||||
4/5/22 | ||||
4/1/22 | ||||
3/29/22 | ||||
3/24/22 | ||||
3/15/22 | ||||
3/2/22 | 8-K | |||
1/21/22 | ||||
1/12/22 | ||||
1/11/22 | ||||
1/9/22 | ||||
12/31/21 | 10-K | |||
12/15/21 | ||||
12/11/21 | ||||
11/2/21 | ||||
10/23/21 | ||||
10/13/21 | ||||
9/30/21 | 10-Q | |||
8/23/21 | S-1/A | |||
8/12/21 | 8-K | |||
Filed on: | 8/3/21 | |||
8/2/21 | ||||
7/28/21 | ||||
7/19/21 | 8-K | |||
7/16/21 | ||||
7/15/21 | 3, 4 | |||
7/13/21 | 3, 4, 4/A, 8-K, 8-K/A | |||
6/23/21 | 424B3, 425, EFFECT | |||
5/26/21 | CORRESP, S-4/A | |||
5/25/21 | ||||
5/11/21 | 425 | |||
5/6/21 | 10-K/A, 425, 8-K, CORRESP, S-4/A | |||
5/5/21 | 10-K/A | |||
5/4/21 | 425, 8-K | |||
4/30/21 | ||||
4/29/21 | ||||
4/12/21 | UPLOAD | |||
4/5/21 | ||||
4/1/21 | ||||
3/31/21 | 10-Q, NT 10-Q | |||
3/30/21 | ||||
3/29/21 | ||||
3/25/21 | ||||
3/15/21 | 10-K, S-4 | |||
3/11/21 | ||||
3/8/21 | ||||
3/5/21 | ||||
2/15/21 | ||||
2/1/21 | 425, 8-K, 8-K/A | |||
1/31/21 | ||||
1/29/21 | ||||
1/26/21 | ||||
1/22/21 | ||||
1/12/21 | ||||
1/5/21 | ||||
1/1/21 | ||||
12/31/20 | 10-K, 10-K/A | |||
12/30/20 | ||||
12/23/20 | SC 13G | |||
12/15/20 | ||||
12/11/20 | ||||
12/6/20 | ||||
11/25/20 | ||||
11/2/20 | ||||
10/28/20 | ||||
10/14/20 | ||||
10/13/20 | ||||
10/2/20 | 8-K | |||
10/1/20 | 8-K | |||
9/30/20 | 10-Q, SC 13G | |||
9/29/20 | ||||
9/25/20 | 8-K | |||
9/23/20 | EFFECT | |||
9/22/20 | 3, CERT, EFFECT | |||
7/17/20 | ||||
7/15/20 | ||||
7/7/20 | ||||
6/1/20 | ||||
5/15/20 | ||||
4/30/20 | ||||
4/29/20 | ||||
4/24/20 | ||||
4/17/20 | ||||
4/14/20 | ||||
3/31/20 | ||||
3/28/20 | ||||
3/27/20 | ||||
3/11/20 | ||||
3/2/20 | ||||
1/17/20 | ||||
1/1/20 | ||||
12/31/19 | ||||
12/11/19 | ||||
10/24/19 | ||||
10/4/19 | ||||
9/27/19 | ||||
5/31/19 | ||||
4/30/19 | ||||
4/23/19 | ||||
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List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/04/22 Wheels Up Experience Inc. POS AM 2:760K Toppan Merrill/FA 7/20/22 Wheels Up Experience Inc. POS AM 2:760K Toppan Merrill/FA 8/24/21 Wheels Up Experience Inc. S-1/A 236:36M Toppan Merrill/FA 8/23/21 Wheels Up Experience Inc. S-1/A 8/20/21 5:8.2M Toppan Merrill/FA |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 7/19/21 Wheels Up Experience Inc. 8-K:1,2,3,4 7/13/21 15:2.4M Workiva Inc Wde… FA01/FA 5/06/21 Wheels Up Experience Inc. S-4/A 75:17M Toppan Merrill/FA 5/06/21 Wheels Up Experience Inc. 8-K:1,9 5/06/21 2:83K Toppan Merrill/FA 3/15/21 Wheels Up Experience Inc. S-4 65:14M Toppan Merrill/FA 2/02/21 Wheels Up Experience Inc. 8-K/A:1,3,9 2/01/21 5:1.1M Toppan Merrill/FA 9/25/20 Wheels Up Experience Inc. 8-K:8,9 9/25/20 17:1.9M Toppan Merrill/FA |