>> WELCOME BACK TO CHEDDAR
EVERYONE WE ARE LIVE OUTSIDE OF
THE NEW YORK STOCK EXCHANGE AS
THE SUN HER SERIES
ROLLS ON AND WE'VE GOT TO TALK
ABOUT WHAT'S BEEN HAPPENING
INSIDE THE BIG HOUSE
PRIVATE FOR HIGHER AIRCRAFT
PROVIDER WHEELS UP OFFICIALLY
LANDING ON WALL STREET SHARES
OF THE COMPANY CURRENTLY
TRADING UP ABOUT 13% TRADING AT
OVER $11
A PIECE WHEELS UP GOING PUBLIC
VIA BUS BACKGROUND MERGING WITH
ASPIRATION ALL CONSUMER
LIFESTYLE CORPORATION AND
A TRANSACTION THAT VALUES
WHEELS UP AT AN ENTERPRISE
VALUE OF 2.1 BILLION DOLLARS
WITH JOINING ME NOW IS THE MAN
HIMSELF KENNY DICHTER FOUNDER
AND CEO OF WHEELS UP BY KENNY I
FEEL IN SOME WAYS LIKE I'VE
BEEN INVESTED IN THIS COMPANY
BECAUSE YOU AND I HAVE BEEN
TALKING SINCE THE EARLY DAYS
CAN GRADUATE.
>> THEY WANT I KNOW I WAS AN
EARLY CHEDDAR GASTON APPRECIATE
TRACKING
OUR ASCENT YOUR WHEELS UP AND
WHAT AN EXCITING DAY FOR THE
FIRST PRIVATE AVIATION IN
OUR SPACE THE BE LISTED ON THE
NEW YORK OR ANY MAJOR CHANGE
UNITED STATES. IT'S A
REAL HONOR.
>> AND A BIG VALUATION 2.1
BILLION DOLLARS ENTERPRISE
VALUE. WHAT WE CALL A UNICORN
TOO TIMES OVER BY THAT MEASURE.
WYATT TAP THE
MARKETS NOW.
>> SO PERFECT TIMING FOR US TO
TAP THE MARKETS THIS PACK
TRANSACTION THAT WE DID WITH
ASPIRATION OF CONSUMER
LIFESTYLE, PERFECT PARTNERS A
LITTLE BIT
OF LVMH DNA A LITTLE BIT OF ELK
AT INDIANA YOU PUT THAT
TOGETHER WITH INVESTORS LIKED
THE ROWE PRICE FIDELITY
FRANKLIN TEMPLETON
DURABLE CAPITAL.
>> YOU KNOW WE WERE ABLE TO
ACCUSE ARE INVESTORS IN THIS
FACT TRANSACTION AND OVER
650 MILLION
AND PROCEEDS PUBLIC CURRENCY
GIVES US ALL THE AMMUNITION WE
NEED TO GO GLOBAL STILL.
>> WHAT IS THE PATH FORWARD
FROM HERE WHAT ARE THE NEXT
GLOBAL SITES THAT YOU WANT TO
TAP.
>> IT'S REALLY ABOUT
DEMOCRATIZATION. IT'S ABOUT THE
UBER IS ATION OF PRIVATE
AVIATION MEANING HOW DO
WE CONNECT BUYER AND SELLER
TWO-SIDED MARKETPLACE IN REAL
TIME THINK OPEN TABLE THINK
AIR BNB AND THINK UBER
YOU GEO LOCATES THE PEOPLE THAT
DID THE CARS AND THEY GEO
LOCATES THE DRIVERS YOU PUT ALL
THAT TOGETHER AND OUR SPACE
THERE IS NO MARKETPLACE PLAY IN
OUR SPACE AND I THINK YOU'VE
GOT A BIG WINNER.
>> HOW DO
YOU DEMOCRATIZE PRIVATE JETS
KNOWING THAT THEY'RE EXPECTED
TO BEGIN WITH A RIDE AND PRICES
WE SEE ACROSS THE BOARD,
ESPECIALLY IN THE
TRAVEL SECTOR.
>> ONLY RISING WELL I WOULD SAY
FIRST I BELIEVE WE'RE IN THE
EXPERIENCE ECONOMY AND PEOPLE
ARE GOING TO SPEND MORE
ON EXPERIENCES AND ON ORDINARY
THINGS I THINK WE'RE IN THE
RIGHT FACE AND I THINK IT'S
GOING TO BE THERE FOR A WHILE I
WOULD SAY AS FAR
AS PRICING.
>> IF YOU CAN TAKE UTILITY AND
EFFICIENCY DYNAMICS MEANING.
>> OR ASK THAT THE AVERAGE
PRIVATE AIRPLANE.
>> IS ON THE GROUND 23 HOURS
AND 40 MINUTES A DAY SO WE GET
SOME REAL USAGE ON THIS ASSETS
ET AND WE CAN MAKE IT
EASIER FOR PEOPLE TO BOOK WHEN
THEY WANT WHERE THEY WANT HOW
THEY WANT IT WE CAN ACTUALLY
BRING PRICING DOWN YOU KNOW
SCALE IS OUR FRIEND.
>> AND BIG ASSETS RIGHT MUCH
MUCH BIGGER TAKES UP A LOT MORE
SPACE IN A CAR FOR INSTANCE,
YOU'LL HEAR THAT A LOT OF TIMES
THE SHARING ECONOMY THAT HELPS
LIMIT JUST THAT EMPTY SPACE X
PARK FOR 95% OF THE DAY.
WELL YOU
THINK ABOUT.
>> BEING ABLE TO SELL BY THE
SEA YOU THINK ABOUT SHARING
THEN ALL OF A SUDDEN YOU THINK
ABOUT A SEAT GOING FROM NEW
YORK
TO NANTUCKET ON THE WHEELS OF
KING AIR YOU CAN BUY THAT FOR
LESS THAN A $1000.6, 7, $100
PER SEAT THAT'S CRITIZED AND
YOU KNOW WE DID THIS BIG
PARTNERSHIP WITH DELTA AIR
LINES
AT BASTION. CONTRIBUTED HIS
PRIVATE AVIATION BUSINESS INTO
WHEELS OFF WE NOW HAVE ACCESS
TO THEIR FIRST CLASS OR
BUSINESS CLASS AND THEIR
BUSINESS CUSTOMERS THEY CAN USE
THE WHEELS A PLATFORM WHERE OUR
CUSTOMER FOOD.
>> 80% OF THE TIME IS FLYING.
THEY'RE THEY'RE ALSO FLYING
COMMERCIAL IN ADDITION TO 80%
OF OUR CUSTOMERS OR FLY
COMMERCIAL PART OF
THE TIME.
>> SO IT GIVES THEM SOME GREAT
ACCOUTERMENTS AND GREAT
BENEFITS ON DELTA. SO WE AN
AMAZING ADDRESSABLE MARKET
COMING
OUR WAY.
>> HOW ARE YOU SEEING DEMAND
CHANGE AS THE ECONOMY REOPENS
KNOWING THAT SOME PEOPLE ARE
STILL APPREHENSIVE TO TRAVEL
FOR BUSINESS.
>> WELL I THINK IF YOU LOOK AT
THE COMMERCIAL AIRLINES IN THE
NUMBERS THEY'RE PUTTING FORTH,
YOU LOOK AT THE HOSPITALITY
BUSINESS GO LOOK AT OUR
1ST QUARTER UP 68% REVENUE 56%
NEW MEMBERS I WOULD JUST SAY
THAT WE'RE IN A
ROARING 20'S. YOU KNOW SORT OF
OPENING AND I DO THINK THAT
INTERNATIONAL AND BUSINESS ARE
GOING TO TAKE A LITTLE BIT
LONGER TO COME BACK, BUT I
THINK THE YOU KNOW
THE DOMESTIC BUSINESS BOTH IN
COMMERCIAL BOTH AND
HOSPITALITY, THE CRUISE
BUSINESS I THINK IT'S GOING TO
COME BACK IN A AND A VERY VERY
FIRM WAY.
>> AND OF COURSE STEALING THE
BUSINESS IS GOING TO REQUIRE
MORE PILOTS TO FLY MORE JETS ON
GLOBAL ROUTES, WE SEE A
SHORTAGE IN THE LABOR MARKET
ACROSS THE BOARD AND IN NEARLY
EVERY SINGLE SECTOR, HOW IS
YOUR COMPANY MANAGING THAT.
>> WE HAVE OVER 1000 PILOTS,
I'M INCREDIBLY PROUD OF OUR
PILOT FORCE THEY FLEW EVERY DAY
ALL THE WAY THROUGH THE COVID
CRISIS AND SUPPORTED
OUR MEMBERS. OUR MEMBERS ARE
MOST IMPORTANT ASSET AND I
WOULD JUST SAY AS FAR AS PILOTS
AND SHORTAGES THAT ARE OUT
THERE WITH SOME OF THE
COMMERCIAL AIRLINES, YOU KNOW
WE'RE A PREMIUM SERVICE WEEKEND
TO DO
THINGS THAT WE'LL MAKE OUR
PLACE AND BY THE WAY THEY COME
HERE THEY CAN HAVE
SOME STOCK. SO AT THE END OF
THE DAY I THINK WE'RE IN REALLY
GOOD POSITION AND WE HAVE THE
RIGHT AMMUNITION AGAIN HAVE AN
UNBELIEVABLE PILOT FOR US.
>> WHAT'S THE TIMELINE FOR
GLOBAL EXPANSION WANT A LOOK
THE TIMELINE IS
THE FUTURE. I DON'T HAVE AN
EXACT TIME OR PLACE, BUT I KNOW
WITH THE 650 MILLION DOLLARS
OF CASH AND THE PUBLIC CURRENCY
WE CAN HAVE CONVERSATIONS WITH
ANYBODY ANYTIME WE WANT THE
WORLD WE'RE LOOKING FOR PEOPLE
THAT ARE TRULY ALIGNED
WITH THE WHEELS OF VISION WHICH
IS DELIVER ISER DIGITIZE OR
ORGANIZE THE SPACE IN A WAY
IT'S NEVER BEEN ORGANIZED
BEFORE WHICH IS A TWO-SIDED
MARKETPLACE.