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Dec 31, 2023
Wheels Up Q4 2023 Earnings Report
Wheels Up experienced a decrease in revenue but improved net loss and Adjusted EBITDA due to operational improvements and strategic repositioning.
Key Takeaways
Wheels Up reported a decrease in total revenue to $246 million, primarily due to the divestiture of the Aircraft Management business. However, the company saw a significant decrease in net loss to $81 million and an improvement in Adjusted EBITDA loss to $38 million, reflecting operational efficiency and cost reduction efforts. The company added $40 million of investor capital and introduced the new UP for Business program.
Total revenue decreased by $162 million year-over-year to $246 million, influenced by the divestiture of the Aircraft Management business.
Net loss decreased year-over-year to $81 million, primarily due to the absence of a goodwill impairment charge.
Adjusted EBITDA improved year-over-year to a loss of $38 million, reflecting operational efficiency and cost reduction efforts.
Active Members decreased 21% year-over-year to 9,947.
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 is focused on optimizing cost structure and fleet to focus on profitability.
Revenue & Expenses
Visualization of income flow from segment revenue to net income