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Mar 31, 2024
Wheels Up Q1 2024 Earnings Report
Wheels Up reported first quarter results, delivering continued operational performance improvements and positioned for long-term profitable growth.
Key Takeaways
Wheels Up's Q1 2024 revenue decreased by $155 million year-over-year to $197 million, with nearly half the decrease due to exiting the aircraft management and aircraft sale businesses. Net loss improved slightly year-over-year to $97 million, and Adjusted EBITDA was relatively flat at a loss of $49 million. The company saw sequential improvement in March, which is continuing into the second quarter, driven by rebalancing the revenue mix, reducing the cost structure, and improving operational execution.
Total Revenue decreased $155 million year-over-year to $197 million, nearly half of which was due to exiting the aircraft management and aircraft sale businesses.
Adjusted Contribution decreased $4 million year-over-year to $2 million.
Net loss improved slightly year-over-year to $97 million.
Adjusted EBITDA was relatively flat year-over-year at a loss of $49 million.
Wheels Up
Wheels Up
Wheels Up Revenue by Segment
Revenue by Segment
Flight Revenue
CapyFin.comMembership Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Wheels Up expects improvement in its financial profile over the course of the year, driven by rebalancing its revenue mix, reducing its cost structure, and improving its operational execution.
Revenue & Expenses
Visualization of income flow from segment revenue to net income