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Jun 30, 2023
Wheels Up Q2 2023 Earnings Report
Wheels Up reported a decrease in revenue and an increase in net loss, but showed improvement in Adjusted EBITDA and operational efficiency.
Key Takeaways
Wheels Up reported a decrease in revenue by 21% year-over-year to $335 million and an increase in net loss year-over-year to $161 million, which included a $70 million non-cash goodwill impairment charge. However, the company saw slight improvement in Adjusted EBITDA to a loss of $40 million and made progress on operational initiatives.
Revenue decreased $90 million year-over-year to $335 million.
Net loss increased year-over-year to $161 million, driven by a $70 million non-cash goodwill impairment charge.
Adjusted EBITDA improved slightly year-over-year to a loss of $40 million.
Company received a short-term capital infusion from Delta Air Lines and is pursuing strategic options.
Revenue by Segment
Forward Guidance
Wheels Up is continuing to engage with strategic and financial partners around the path forward and look forward to sharing more information in the days ahead. Meanwhile, they are continuing to provide exceptional service and experiences to their customers, who are reaping the benefits of their continued focus on operations.
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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