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Mar 31, 2022
Wheels Up Q1 2022 Earnings Report
Wheels Up's first quarter revenue reached a record high, driven by strong demand and prepaid block sales.
Key Takeaways
Wheels Up Experience Inc. reported a 24% year-over-year increase in revenue to $325.6 million for the first quarter of 2022. Active Members grew by 26% to 12,424, and Live Flight Legs increased by 15% to 17,626. However, the company experienced a net loss of $89.0 million and an adjusted EBITDA loss of $49.4 million.
Revenue increased 24% year-over-year to $325.6 million.
Active Members grew 26% year-over-year to 12,424.
Live Flight Legs increased 15% year-over-year to 17,626.
Net loss increased by $56.8 million year-over-year to a net loss of $89.0 million.
Revenue by Segment
Forward Guidance
Wheels Up anticipates strong margin improvements throughout the year due to continued execution of initiatives, the acquisition of Air Partner, the implementation of fuel surcharges, and additional capped rate price increases.
Positive Outlook
- Continued execution on strategic initiatives.
- Acquisition of Air Partner.
- Implementation of fuel surcharges.
- Additional capped rate price increases.
- Pilot hiring ahead of plan.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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