Wheels Up Experience Inc. announced financial results for the second quarter, which ended June 30, 2022.
Second Quarter 2022 Highlights
“Our strong market position and iconic brand helped drive record revenue in the second quarter, and another quarter of growth in prepaid blocks speaks both to the steadfast loyalty of our member base, and the continued consumer demand for private aviation,” said Chairman and CEO Kenny Dichter. “Air Partner is off to a strong start in its first quarter as part of our company, and we are already seeing the benefits of having a global footprint. Our team is moving quickly to enhance our technology-enabled marketplace platform which we expect will provide us with a significant competitive advantage.”
“We continue to invest in technology and other areas of the business to drive improvement in our execution and operational capabilities,” said Todd Smith, CFO. “We remain focused on delivering great service for our members and customers during our journey towards significant and sustainable profitability for our shareholders.”
Recent Initiatives
Financial and Operating Highlights
As of June 30, |
|||||
2022 |
2021 |
% Change |
|||
Active Members(1) |
12,667 |
10,515 |
20 % |
||
Three Months Ended June 30, |
|||||
(In thousands, except percentages, Active Users, Live Flight Legs and |
2022 |
2021 |
% Change |
||
Active Users(1) |
13,119 |
11,281 |
16 % |
||
Live Flight Legs(1) |
21,705 |
18,234 |
19 % |
||
Flight revenue per Live Flight Leg |
$ 13,088 |
$ 11,663 |
12 % |
||
Revenue |
$ 425,512 |
$ 285,580 |
49 % |
||
Net loss |
$ (92,760) |
$ (28,954) |
(220) % |
||
Adjusted EBITDA(1) |
$ (46,889) |
$ (8,480) |
(453) % |
||
Six Months Ended June 30, |
|||||
(In thousands, except percentages) |
2022 |
2021 |
% Change |
||
Revenue |
$ 751,147 |
$ 547,237 |
37 % |
||
Net loss |
$ (181,800) |
$ (61,167) |
(197) % |
||
Adjusted EBITDA(1) |
$ (96,317) |
$ (17,141) |
(462) % |
||
(1) For information regarding Wheels Up’s use and definition of this measure see “Definitions of Key Operating Metrics and Non-GAAP |
For the second quarter:
Webcast and Conference Call Information
A conference call with management will be held today at 4:30 pm ET. To access a live webcast of the conference call and any supporting materials please visit the Wheels Up investor site (www.wheelsup.com/investors). The site will include an archive of this webcast and supporting materials as well as any announcements regarding the Company’s financial performance, including U.S. Securities and Exchange Commission (the “SEC”) filings, investor events, press and earnings releases.
About Wheels Up
Wheels Up is the leading provider of on-demand private aviation in the U.S. and one of the largest private aviation companies in the world. Wheels Up offers a complete global aviation solution with a large, modern and diverse fleet, backed by an uncompromising commitment to safety and service. Customers can access membership programs, charter and aircraft management services—as well as unique commercial travel benefits through a strategic partnership with Delta Air Lines Inc. The Wheels Up Services brands also offer freight, safety & security solutions and managed services to individuals, industry, government and civil organizations.
Wheels Up is guided by the mission to connect flyers to private aircraft—and one another—and deliver exceptional, personalized experiences. Powered by a global private aviation marketplace connecting its growing base of 12,000+ members and customers to a network of more than 1,500 safety-vetted and verified private aircraft, Wheels Up is widening the aperture of private travel for millions of consumers globally. With the Wheels Up mobile app, members and customers have the digital convenience to search, book and fly. Wheels Up is committed to aligning with philanthropic organizations that matter most to our company, members, customers, families and friends. Through the Wheels Up Cares program, a Wheels Up Beechcraft King Air 350i aircraft is custom-designed to represent the established cause and is a flying symbol of each charity’s mission. Headquartered in New York City, Wheels Up has office locations in 25 cities and towns across three continents and a workforce of nearly 2,700 employees.
To learn more about Wheels Up, go to wheelsup.com.