Published on 8 Mar 2024 on GuruFocus.com via Yahoo Finance

Wheels Up Experience Inc. Reports Fourth Quarter Earnings Amidst Strategic Repositioning

Revenue: Q4 revenue decreased by 40% year-over-year to $246 million, mainly due to the divestiture of the Aircraft Management business.Net Loss: Net loss improved, decreasing to $81 million compared to the previous year, largely due to the absence of a goodwill impairment charge.Adjusted EBITDA: Adjusted EBITDA loss improved by $5.6 million year-over-year to a loss of $38 million.Active Members: A 21% decrease in active members year-over-year, with a focus on more profitable flying and Core members.Operational Metrics: Live Flight Legs decreased by 26% year-over-year, while Flight revenue per Live Flight Leg remained consistent.Liquidity: Cash balance improved sequentially from the third quarter, with additional capital secured from investors.

Warning! GuruFocus has detected 3 Warning Signs with UP.

On March 7, 2024, Wheels Up Experience Inc (NYSE:UP) released its 8-K filing, detailing the financial results for the fourth quarter ended December 31, 2023. The company, a leading provider of on-demand private aviation in the U.S., is navigating through operational improvements and strategic repositioning, with a focus on profitability and partnership synergies, particularly with Delta Air Lines.