Key Metrics Reflect Improvements in Customer
Mix and Growth in Yield per Flight Hour
Volato Group, Inc. (“Volato,” or the “Company”) (NYSE American:
SOAR), a leading private aviation company in the United States,
today supplemented its January 4, 2024 disclosure of Key
Performance Indicators (KPIs) with Empty Percentage, Demand Mix,
and Blended Yield for our Light Jet Floating Fleet. This is part of
the Company’s ongoing strategy to provide stakeholders with
transparent and detailed insights into its operations.
“These expanded disclosures highlight our progress in driving
higher aircraft utilization and yield across our light jet floating
fleet, ultimately creating greater value for our owners, non-owner
customers, and shareholders,” said Mark Heinen, Volato’s Chief
Financial Officer. “This shift is crucial as it allows us to
capitalize on superior economics associated with program and ad-hoc
charter, while rewarding owners with revenue sharing and offering
these non-owner customers an attractively priced private aviation
service. Over time, with this strategic shift in demand mix, we
expect to achieve lower empty leg rates and improved margins.
Further, we expect the addition of new planes to our fleet in 2024
to contribute to revenue and market share growth and support our
path to profitability.”
The expanded KPIs supplement the Total Flight Hours, Light Jet
Market Share, and Net Promoter Score metrics that the Company
disclosed on January 4, 2024.
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Total Flight Hours
813
1,199
1,307
1,712
2,103
2,919
2,747
3,504
Empty Percentage
38.0%
41.1%
40.2%
39.0%
41.2%
39.6%
36.6%
37.9%
Demand Mix:
Owner
91%
88%
80%
67%
55%
45%
55%
52%
Program & Ad Hoc
9%
12%
20%
33%
45%
55%
45%
48%
Blended Yield
$4,036
$4,665
$4,512
$4,926
$4,927
$5,042
$4,913
$5,348
Floating Fleet
6
10
11
11
15
18
20
24
Light Jet Market Share
0.7%
0.9%
1.1%
1.3%
1.7%
2.5%
2.5%
2.9%
Net Promoter Score
N/A
N/A
N/A
N/A
86
89
90
88
Empty Percentage
The Company defines Empty Percentage as live hours for owner,
program, and ad hoc charter flights divided by total flight hours.
All hours not flown by owner, program, or ad hoc charter customers
are included in the empty percentage calculation including, but not
limited to, Vaunt, training, and maintenance flights. 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.
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 our 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.
The disclosure of additional KPIs will also provide Volato
stakeholders with clearer insights into aircraft utilization and
overall customer engagement as we expand our operational
footprint.
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 Current Report on Form 8-K, filed with the SEC on
December 7, 2023 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 is a full-service private aviation company providing
modern ways to enjoy luxury private jets through innovative,
efficient, and sustainable solutions. Volato provides a fresh
approach to fractional ownership, aircraft management, jet card,
deposit and charter programs. Volato's fractional programs uniquely
offer flexible hours and a revenue share for owners in a 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/20240122305618/en/
For Media: media@flyvolato.com
For Investors: investors@flyvolato.com
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