Introduces Contribution KPI Demonstrating
Improvements in Margin
Volato Group, Inc. (“Volato,” or the “Company”) (NYSE American:
SOAR), a leading private aviation company and the largest HondaJet
operator in the United States, today announced key performance
indicators (KPIs) for the second quarter 2024.
Mark Heinen, Volato’s Chief Financial Officer, commented, “We
were pleased to achieve another quarter of positive, consistent
performance across all metrics, reflecting the sustained demand for
Volato’s customer-designed, modern, and efficient flying
experience. Notably, we achieved a new record in non-owner demand,
which continues to contribute to our blended yield and helps us
reward our owners with revenue sharing. We are also initiating the
disclosure of a new Contribution metric, demonstrating sustained
improvement in aircraft usage profit margin.”
Mr. Heinen continued, “With the upcoming deliveries of our
HondaJet and Gulfstream aircraft, we removed one leased aircraft
from our fleet, slightly reducing the size of our floating fleet at
quarter-end in anticipation of the substantial number of new
aircraft deliveries we expect in the second half of this year. With
this visibility into deliveries and strength in our underlying
metrics, we believe we have a solid foundation to build on this
performance and deliver value to investors and customers.”
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Total Flight Hours
1,307
1,712
2,103
2,919
2,747
3,504
2,926
3,052
Empty Percentage
40.2%
39.0%
41.2%
39.6%
36.6%
37.9%
35.1%
36.1%
Demand Mix:
Owner
80%
67%
55%
45%
55%
52%
50%
44%
Program & Ad Hoc
20%
33%
45%
55%
45%
48%
50%
56%
Blended Yield
$4,512
$4,926
$4,927
$5,042
$4,913
$5,348
$5,313
$5,330
Contribution
$(209)
$211
$153
$318
$226
$516
$584
$734
Floating Fleet Quarter End
11
11
15
18
20
24
26
25
Light Jet Market Share
1.1%
1.3%
1.7%
2.5%
2.5%
2.9%
2.5%
2.5%
Net Promoter Score
N/A
N/A
86
89
90
88
82
86
Empty Percentage
The Company defines Empty Percentage as non-occupied aircraft
flight hours related to fulfillment of owner, program charter, and
ad hoc charter flights divided by total flight hours related to
this customer flying. All hours not related to customer flying,
including but not limited to Vaunt, training, and maintenance
flights, are excluded from the empty percentage calculation. The
Company believes Empty Percentage is a useful metric to measure the
efficiency of its fleet.
Demand Mix
The Company defines Demand Mix as the number of flight hours
flown by owners or non-owners divided by the total number of flight
hours. The Company believes Demand Mix is a useful metric to
measure improvement in margin.
Blended Yield
The Company defines Blended Yield as the average occupied price
per hour across all Volato product types: owner, program and ad
hoc. The Company believes Blended Yield is a useful metric to
measure revenue per flight hour.
Contribution
The Company defines Contribution as blended yield minus the
variable unit cost per flight hour. The Company believes
Contribution is a useful metric to measure improvements in
margin.
Light Jet Floating Fleet
The Company defines Light Jet Floating Fleet as the fleet of
light jet aircraft flown as directed exclusively by Volato at the
end of the quarter.
Total Flight Hours
The Company defines Total Flight Hours as the actual flight time
from the moment of aircraft lift-off at the departure airport until
it touches ground at the end of a flight as measured by ARGUS. The
Company believes Total Flight Hours are a useful metric to measure
the usage of its programs and the scale of its fleet and revenue
growth.
Light Jet Market Share
The Company defines Light Jet Market Share as the set of flights
flown by light jets departing from and/or arriving at a US airport.
The Company believes Light Jet Market Shares is a useful metric to
measure the size of the business relative to the current
market.
Net Promoter Score
The Company defines Net Promoter Score as a measure of customer
loyalty, sourced internally from Volato, based on customer surveys
conducted post-flight. The Company believes Net Promoter Score is a
useful metric to measure the customer experience.
While Volato expects to provide updated information on the above
KPIs on a quarterly basis, we are under no obligation, and
expressly disclaim any obligation, to provide such information in
the future, except as required by law.
Cautionary Note on Forward Looking Statements
This press release contains certain "forward-looking statements"
within the meaning of the federal securities laws. Forward-looking
statements are predictions, projections and other statements about
future events that are based on current expectations and
assumptions and, as a result, are subject to known and unknown
risks, uncertainties, assumptions and other important factors, many
of which are outside of the control of Volato that could cause
actual results to differ materially from the results discussed in
the forward-looking statements. The words "anticipate," "believe,"
continue," "could," "estimate," "expect," "intend," "may," "might,"
"plan," "possible," "potential," "predict," "project," "should,"
"strive," "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that statement is not forward-looking. These forward-looking
statements are subject to a number of risks, uncertainties and
assumptions that could cause actual events and results to differ
materially from those contained in such forward-looking statements.
Factors that could cause actual results to differ materially from
those expressed or implied in forward-looking statements can be
found in the Annual Report on Form 10-K, filed with the SEC on
March 26, 2024 and other documents filed by the Company from time
to time with the SEC. These filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. You are cautioned not to place undue
reliance upon any forward-looking statements, which speak only as
of the date made, and Volato undertakes no obligation and does not
intend to update or revise these forward-looking statements,
whether because of new information, future events, or
otherwise.
About Volato
Volato (NYSE American: SOAR) is a leader in private aviation,
redefining air travel through modern, efficient, and
customer-designed solutions. Volato provides a fresh approach to
fractional ownership, aircraft management, jet card, deposit and
charter programs, all powered by advanced, proprietary mission
control technology. Volato's fractional programs uniquely offer
flexible hours and a revenue share for owners across the world’s
largest fleet of HondaJets, which are optimized for missions of up
to four passengers. For more information visit
www.flyvolato.com.
All Volato Part 135 charter flights are operated by its
DOT/FAA-authorized air carrier subsidiary (G C Aviation, Inc. d/b/a
Volato) or by an approved vendor air carrier.
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version on businesswire.com: https://www.businesswire.com/news/home/20240718763648/en/
For Media: media@flyvolato.com
For Investors: investors@flyvolato.com
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