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Mar 31, 2023
Wheels Up Q1 2023 Earnings Report
Wheels Up's revenue increased for the first quarter of 2023, Ravi Thakran was named Executive Chairman, and Todd Smith was named Interim CEO.
Key Takeaways
Wheels Up Experience Inc. reported an 8% increase in revenue to $352 million for the first quarter of 2023. Active Members decreased 1% year-over-year to 12,285. The net loss increased to $101 million, and the Adjusted EBITDA loss was $48.9 million.
Revenue increased $26 million year-over-year to $352 million, a first quarter record.
Active Members decreased 1% year-over-year to 12,285 in total.
Live Flight Legs decreased 13% year-over-year to 15,389 in total.
Net loss increased $12 million year-over-year to $101 million.
Revenue by Segment
Forward Guidance
Wheels Up expects program changes to allow them to continue to scale and evolve their product offering to deliver world-class service profitably.
Positive Outlook
- Revised product offering will improve Wheels Up’s competitiveness and service delivery.
- Revised product offering will improve the flight experience for members and customers.
- New program with Delta Air Lines to benefit business fliers of both companies through volume-based preferential rates on Wheels Up flights.
- Delta will continue to provide Wheels Up customers unique access and exclusive benefits such as earning SkyMiles®, SkyBonus® points and Medallion Status.
- Member Operations Center in Atlanta, expected to open May 15, will drive improved operations, customer communications and service.
Challenges Ahead
- Evaluating the disposition of certain non-strategic assets
- Net loss increased by $11.8 million year-over-year primarily driven by interest expense incurred on our Equipment Notes issued in October 2022.
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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