great with is It George. you Thanks, be to all today.
led we I have remarks, changes review our have our and quarter that on momentum to in we underlying made seeing; to businesses; X continue will second, third, the will of journey in private topics: the structural my how we a best-run aviation build improvements company our focus For that world. second and first, are the the significant
our QX, to increased of $XXX stability The the first of million exit businesses our that aircraft the us impacted Revenue unprofitable including and operations, exit management by our the revenue. our year-over-year in the Starting comp a year's in flat aircraft last program allowed the quarter, quarter. with simplification and review flight to previous sales was business. changes was second demonstrating of
of reflect is our value, continue will its our in mix. weighting basis, within GAAP flight we reported the reported gross for business. and proxy Since than driving increases, it or best the addition, rather focus value demand In increasing growth spend trends charter our mix captures to a charter the That full profitable transaction is net why FTV, as our performance what the of with as business we growth us. believe customers on is on not flights revenue underlying revenue fully revenue our business of on that
more profitable stabilized XX% all a our total quarter, private jet value that the sequentially, transaction and total year flight percentage just our now first flying, started reflecting XX% up Total global business normal interest That of seasonal XX% leading our in ago. of demand our year-over-year, focus the pickup, jet captures transition to charter with capabilities. as on our transaction in a year-over-year, total value, down which grow the was In to accounting sequentially private our FTV reflecting over and strong quarter. has was continued and value flying a business overall outpacing up customer of of reflects for mix XX% XX% flight and charter
leg flight live stability and year-over-year of per private XX% X% business. XX,XXX, the value flight and Total reflects was up transaction our up underlying jet sequentially
will In charter scale to on management expect flight as sight its our leveraging see We have our transaction advantage. charter we capabilities in where FTV of on continued particular, momentum as outpace business globally the expect the rest we business. value total our we turns to team growth driving focus a
margin X% X.X% QX initiatives starting sequentially adjusted impact of as XXXX in quarter, and in Our taken to QX from was have year. up our X.X% of all from in the see contribution past the we we the of in are
within fleet our maintenance our facilities costs, significant and we maintenance now cycle service flying our concentrating have our maintenance By we times availability. last have such we is network as quarter. removed that as Specifically greatly where structural underutilized we have talked primarily aircraft density, about improved repair areas, capabilities and controlled remaining primary
using entire We and across now our for has that continue States an us charter improved our customers. which with to flights service to the profitable allowed leading replace with loss-generating ones capabilities, serve customers are United certain
a and a are After now hard much operations work, year in position our scalable. of better
the Looking fourth quarter, asset higher improvement cost also expect in reduced will quarter. the further margin forward, driven with in growth by significantly contribution third charter continued and we utilization, improve fixed adjusted
quarter, made in that adjusted EBITDA the flat margin business. we million GAAP was have loss highlights sequentially. quarter, for the $XX reflects Adjusted the loss improved loss for $XX.X changes the That was from our first the structural a million quarter. to $XX.X contribution higher million net
year-over-year. in customers by appreciation global prepaid and of for Prepaid our blocks XX% were The the service $XXX sequentially an our block XX% quarter, to Related strength, continued strong increasing customer and improved reflects up relationship. metrics as million well with consistent base, strength up we first capabilities the Delta corporate the strength higher as from continued in that levels of our the quarter. block production sales saw saw we
an We work combined from customers the to pipeline who closely with product Delta offering. on expanding Delta's value of corporate continue of market-leading our see leads
which deposits reserve We reserve plus quarter and and with revolver of million Delta undrawn $XX liquidity deposit. $XXX equivalents, ended from the WTC the total million, cash cash the includes
with block is We burn, deferred the cash improved quarter sales, a well changes stability down the cash as of continued year-over-year. great That balance. make the have and strength our management have first from cash and down in structural to taken in from revenue continued we result as XX% outflow progress XX% reducing our benefits in operating combination
a were usage and year for flow quarter. contributor that the the operating strongest. in bodes additions well when rest revenue believe positive sales seasonally of are the cash slightly We to Deferred block
aircraft balance $XX less principal scheduled from years ago. The X EETC due another million, to Our proceeds from million is remaining principal sales. down initial amount payments XX% balance declined now debt the $XXX than and
our and difficult This validation sustainable Wheels Up strong position past and as improve our for the are that investments stronger incremental we the over a company decisions the delivering was in look working. we is much we the future. have ago, results a financial forward it to made a the year quarter's made business of efficiency company than provide strong year we to results and business today
and highlighted network the improved density our flight year operations it is aircraft roof great and our with George in state-of-the-art customer Operations that. management Center our bolstered have we controlled We one we our Member metrics. execs We our seasoned our advantage. how Atlanta that focused of important coordination operational our and helped cost operations continued line consolidated to where customers we overhaul our from benefiting to of operating who And are see our over Delta have efficiency. strong a our capability. because understand stronger under all ranks improved significant from enabled improved service, past service is the It our
laid of rooted to that of All unit adherence over the groundwork this a the is year improving business. disciplined and was in past cost economics
quarter initiatives to starting these second that in evident show our The metrics. financial are is up
As and an see improvement we profitable revenue bottom look dropping to year. continue our percentage the the sales further increasing to of to course of margin growth, these expect initiatives to drive with we line, the throughout
fleets. pleased processes. that Citation I'm and completed also XXXi Air our the to for allowed FAA consolidation flight Excel to now operating us our That have our report King and consolidation certificates maintenance we XLS of and harmonize entire operation
and ops and rule and of trained of those all all operate aircraft technicians our pilots sets. Now the flight same the flight manuals, now under are maintenance same on
with cost. in-service pilots to interchangeable, has move service our scale, those FAA delivery allowed our and crew lowered and a customers our consolidate to of for are optimize aircraft aircraft working times aircraft unnecessary Citation remainder our our possible. soon and has X improved increased and the travel We and saving on those for lower the certificate now moved our That over X as over same fully recently already economies The aircraft scheduling, of approval us improved have providing costs. of aircraft to are as secured which
to create position customer That to reduce base to a needs, and company been leverage benefit all forward. and fleet. the operating cost going operations greater controlled improved Our fixed why our of optimized more significant we capacity have smaller able utilizing is our from service significantly
shape, is overhaul ago. company operations of a year much the just year efforts revenue is balanced our program our commercial much our our and ago, over aligned to following growth. as to turning With now with our mix it good are more Today, strength than was a it offering in look better of we the resume focus we the
our rolled mentioned, were we out how changes As of better bases serve just business. accelerate designed charter we program and the target George in different customer to growth June
us to growth We in that strong including hold. levels. a will block positive from July, underscore response take current a gives these confidence customer expect pick initiatives sale start in very return up growth Recent trends, as a
Lastly, we plan to future. starting for the are
fleet we newer-generation As on, to to on migrate George touched aircraft. working are our a strategy
our share to continues this initiatives We Progress later later positive expect to goal adjusted that these achieving of this have year. EBITDA year. more on on to support
summary, we made progress of a our in In have lot to strengthen business the past year.
leaders our metrics. core industry that among terms and We service have operations, improved places us customer the of in
costs We have significant taken out structural and inefficiencies.
We reduced cash significantly burn. our have
Now our to resuming revenue improved to we in sights growth our scale platform. turning much order are
it me concluding let his for remarks. now that, turn With to back George
